A partnership has decided to shut down. Total assets amount to $70,000 (all cash). There are no liabilities. Three of the partners have debit balances in their capital accounts of $15,000 each. The fourth partner has a credit balance in her capital account. 

a. How much is the balance in the fourth partner's capital account? 

b. If none of the first three partners contribute additional funds to the business, how much cash will the fourth partner receive?

Answer rating: 100% (QA)

a The balance in the fourth partners cap... View the full answer