Question

A partnership has liquidated all assets but still reports the following account balances: Beck, loan $...

A partnership has liquidated all assets but still reports the following account balances:

Beck, loan $ 6,000
Cisneros, capital (40%) 3,600
Beck, capital (20%) (13,200 ) (deficit)
Sadak, capital (10%) (9,200 ) (deficit)
Emerson, capital (20%) 18,000
Page, capital (10%) (7,200 ) (deficit)

The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent; and Page 10 percent.

Assuming that all partners are personally insolvent except for Sadak and Emerson, how much cash must Sadak now contribute to this partnership?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A partnership has liquidated all assets but still reports the following account balances: Beck, loan $...
A partnership has liquidated all assets but still reports the following account balances: Beck, loan $ 5,500 Cisneros, capital (40%) 3,600 Beck, capital (20%) (12,200 ) (deficit) Sadak, capital (10%) (8,200 ) (deficit) Emerson, capital (20%) 15,500 Page, capital (10%) (6,200 ) (deficit) The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent; and Page 10 percent. Assuming that all partners are personally insolvent except for Sadak and Emerson, how...
A partnership has liquidated all assets but still reports the following account balances: Beck, loan $...
A partnership has liquidated all assets but still reports the following account balances: Beck, loan $ 6,200 Cisneros, capital (40%) 4,800 Beck, capital (20%) (8,200 ) (deficit) Sadak, capital (10%) (9,600 ) (deficit) Emerson, capital (20%) 15,400 Page, capital (10%) (7,600 ) (deficit) The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent; and Page 10 percent. Assuming that all partners are personally insolvent except for Sadak and Emerson, how...
A partnership has liquidated all assets but still reports the following account balances: Beck, loan $...
A partnership has liquidated all assets but still reports the following account balances: Beck, loan $ 5,000 Cisneros, capital (40%) 3,300 Beck, capital (20%) (12,100 ) (deficit) Sadak, capital (10%) (8,100 ) (deficit) Emerson, capital (20%) 16,000 Page, capital (10%) (6,100 ) (deficit) The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent; and Page 10 percent. Assuming that all partners are personally insolvent except for Sadak and Emerson, how...
A partnership has liquidated all assets but still reports the following account balances Beck, loan $6,700...
A partnership has liquidated all assets but still reports the following account balances Beck, loan $6,700 Cisneros, capital (40%) 5,100 Beck, capital (20%) -8,300 (deficit) Sadak, capital (10%) -9,700 (Deficit) Emerson, capital (20%) 14,900 Page, capital (10%) -7,700 (Deficit) The partners split profits and losses as follows: Cisneros, 40 percent, Beck, 20 percent; Sadak, 10 percent, Emerson, 20 percent, and Page 10 percent. Assuming that all partners are personally insolvent except for Sadak and Emerson, how much cash must Sadak...
A partnership has liquidated all assets but still reports the following account balances:   Loan from White...
A partnership has liquidated all assets but still reports the following account balances:   Loan from White $ 8,500                  Black, capital 3,600                  White, capital (9,200 ) (deficit)   Green, capital (5,000 ) (deficit)   Brown, capital 16,100   Blue, capital (14,000 ) (deficit) The partners split profits and losses as follows: Black, 30 percent; White, 30 percent; Green, 10 percent; Brown, 20 percent; and Blue, 10 percent. Assuming that all partners are personally insolvent except for Green and Brown, how much cash...
The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash $ 53,000 Liabilities...
The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash $ 53,000 Liabilities $ 41,000 Noncash assets 152,000 Hendrick, capital 123,000 Mitchum, capital 87,000 Redding, capital (46,000 ) This partnership is being liquidated. Hendrick and Mitchum are each entitled to 40 percent of all profits and losses with the remaining 20 percent going to Redding. What is the maximum amount that Redding might have to contribute to this partnership because of the deficit capital balance? How should...
The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash $ 59,000 Liabilities...
The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash $ 59,000 Liabilities $ 43,000 Noncash assets 158,000 Hendrick, capital 133,000 Mitchum, capital 93,000 Redding, capital (52,000 ) This partnership is being liquidated. Hendrick and Mitchum are each entitled to 40 percent of all profits and losses with the remaining 20 percent going to Redding. What is the maximum amount that Redding might have to contribute to this partnership because of the deficit capital balance? How should...
A local dental partnership has been liquidated and the final capital balances are as follows: Atkinson,...
A local dental partnership has been liquidated and the final capital balances are as follows: Atkinson, capital (40% of all profits and losses) $ 67,000 Kaporale, capital (30%) 27,000 Dennsmore, capital (20%) (54,000 ) Rasputin, capital (10%) (40,000 ) If Rasputin contributes additional cash of $24,000 to the partnership, what should happen to it?
A local dental partnership has been liquidated and the final capital balances are as follows: Atkinson,...
A local dental partnership has been liquidated and the final capital balances are as follows: Atkinson, capital (40% of all profits and losses) $ 73,000 Kaporale, capital (30%) 33,000 Dennsmore, capital (20%) (48,000 ) Rasputin, capital (10%) (58,000 ) If Rasputin contributes additional cash of $22,000 to the partnership, what should happen to it? (Do not round intermediate calculations.)
A local dental partnership has been liquidated and the final capital balances are as follows: Atkinson,...
A local dental partnership has been liquidated and the final capital balances are as follows: Atkinson, capital (40% of all profits and losses) $ 64,000 Kaporale, capital (30%) 24,000 Dennsmore, capital (20%) (31,000 ) Rasputin, capital (10%) (57,000 ) If Rasputin contributes additional cash of $25,000 to the partnership, what should happen to it? Atkinson Kaporale Dennsmore Rasputin Cash distribution
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT