The partnership of Hendrick, Mitchum, and Redding has the following account balances:
Cash | $ | 49,000 | Liabilities | $ | 37,000 | |||
Noncash assets | 148,000 | Hendrick, capital | 119,000 | |||||
Mitchum, capital | 83,000 | |||||||
Redding, capital | (42,000 | ) | ||||||
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 $12,000 cash that is presently available in excess of liabilities be distributed?
If the noncash assets are sold for a total of $63,000, what is the minimum amount of cash that Hendrick could receive?
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The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash $ 50,000 Liabilities $ 30,000 Noncash assets 135,000 Hendrick, capital 100,000 Mitchum, capital 70,000 Redding, capital (15,000 ) 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 partnership has liquidated all assets but still reports the following account balances for its partners: Beck, loan$9,500Cisneros, capital (40%)3,000Beck, capital (20%)(13,000)(deficit)Sadak, capital (10%)(9,000)(deficit)Emerson, capital (20%)14,500Page, capital (10%)(7,000)(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 Cisneros, Beck, and Page are personally insolvent, how much cash must Sadak now contribute to this partnership?
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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...
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