Solved: Hilliard downey and petrov are partners sharing income 321, Accounting Basics

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Hilliard downey and petrov are partners sharing income 321

1. Hilliard, Downey, and Petrov are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Hilliard, $24,000 Dr.; Downey, $90,000 Cr.; and Petrov, $64,000 Cr. If Hilliard is personally bankrupt and unable to pay any of the $24,000, what will be the amount of cash received by Downey and Petrov upon liquidation?

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Accounting Basics: Hilliard downey and petrov are partners sharing income 321

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