The partnership


Harriet, Mickey, and Zack decide to liquidate their partnership. All assets are sold and the liabilities are paid. Following these transactions, the capital balances and profit and loss percentages are as follows:
Harriet, $27,000 and 30%, Mickey $(12,000) and 40%; Zack, $43,000 and 30%. Mickey is unable to contribute any assets to reduce the deficit.
How much cash will Harriet receive as a results of the partnership liquidation.

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Accounting Basics: The partnership
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