When Peter gave notice to Paul and Mary of dissolution of their entertainment partnership business, the...

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When Peter gave notice to Paul and Mary of dissolution of their entertainment partnership business, the capital accounts were as follows: Peter: $30,000 Paul: $50,000 Mary: $20,000 The partnership assets were liquidated to $30,000. Outstanding liabilities to third parties totaled $39,000. Peter, Paul and Mary will each respectively receive: Multiple Choice $20,000; $30,000; $50,000. $27,000; $47,000; $17,000. $27,000; $45,000; $18,000. $30,000; $50,000; $20,000. When Peter gave notice to Paul and Mary of dissolution of their entertainment partnership business, the capital accounts were as follows: Peter: $30,000 Paul: $50,000 Mary: $20,000 The partnership assets were liquidated to $30,000. Outstanding liabilities to third parties totaled $39,000. Peter, Paul and Mary will each respectively receive: Multiple Choice $20,000; $30,000; $50,000. $27,000; $47,000; $17,000. $27,000; $45,000; $18,000. $30,000; $50,000; $20,000.

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Calculate the total capital and total liabilities Total capital 30000 Peter 50000 Paul 20000 Mary 10... View the full answer