Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $140,400; total liabilities, $90,000; Turner, Capital, $3,700; Roth, Capital, $14,600; and Lowe, Capital, $32,100. Cash received from selling the assets was sufficient to repay all but $34,000 to the creditors.
a. Calculate the loss from selling the assets.
Calculate the loss from selling the assets. ( I filled in these answers not sure if they are correct)
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b. Allocate the loss from part a to the partners.
Allocate the loss from part a to the partners. (Losses and deficits should be indicated with a minus sign.) ( I filled in these answers not sure they are correct)
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c. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency. remaining capital deficiency.
Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency.
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ANSWER
C)
Amount to be contributed to the partnership | |
Turner | 4,740 |
Roth | 19,160 |
Lowe | 10,100 |
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Use the following information for the Exercises below. [The following information applies to the questions displayed...
Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $140,400; total liabilities, $90,000; Turner, Capital, $3,700; Roth, Capital, $14,600; and Lowe, Capital, $32,100. The cash proceeds from selling the assets were sufficient to repay all but $34,000 to the creditors. Required: a. Calculate the loss from selling...
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