Question

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?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Atkinson Kaporale Dennsmore Rasputin
Reported balances capital contribution $67,000 $27,000 ($54,000) ($40,000)
Capital Contribution $0 $0 $0 $24,000
Adjusted balances $67,000 $27,000 ($54,000) ($16,000)
Potential lossfrom Dennsmore and Rasputin($70000) split on a 4:3 basis ($40,000) ($30,000) $54,000 $16,000
Adjusted balances $27,000 ($3,000) $0 $0
Potential lossfrom Kaporale ($3000) ($3,000) $3,000 $0 $0
Cash distribution $ 24,000 $0 $0 $0

The entire $24000 goes to Atkinson.

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 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
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.)
Following is the current balance sheet for a local partnership of doctors: Cash and current assets...
Following is the current balance sheet for a local partnership of doctors: Cash and current assets . . . . . . . . . . . . . . . . . . . . . $ 30,000 Land . . . . . . . . . . . . . . . . . . . . . . . 180,000 Building and equipment   (net) . . . . . . . . . . . ....
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: 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:   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...
Following is the current balance sheet for a local partnership of doctors: Cash and current assets...
Following is the current balance sheet for a local partnership of doctors: Cash and current assets $ 64,000 Liabilities $ 66,000 Land 208,000 A, capital 46,000 Building and equipment (net) 168,000 B, capital 66,000 C, capital 116,000 D, capital 146,000 Totals $ 440,000 Totals $ 440,000 The following questions represent independent situations: E is going to invest enough money in this partnership to receive a 20 percent interest. No goodwill or bonus is to be recorded. How much should E...
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT