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Compute the capital account balance of each partner

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Problem - Liquidation of partnership The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,250; Brown, $165,000; and Snow, $153,750. The operations did not go well, and the partners eventually decided to liquidate the partnership, sharing all losses equally. On May 31, after all assets were converted to cash and all creditors were paid, only $45,000 in partnership cash remained. Compute the capital account balance of each partner after the liquidation of assets and the payment of creditors.

Reference no: EM133012599

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