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Liability comparisons

Merideth Harper has invested $25,000 in Southwest Development Company. The firm has recently declared bankruptcy and has $60,000 in unpaid debts. Explain the nature of payments, if any, by Merideth in each of the following situations.

a. Southwest Development Company is a sole proprietorship owned by Ms. Harper.
b. Southwest Development Company is a 50-50 partnership of Merideth Harper and Christopher Black.
c. Southwest Development Company is a corporation.

Please show your work (were needed). Thanks.

Reference no: EM13703287

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