Question
In: Accounting
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? (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.)
Solutions
ekkarill92 answered 8 months agoRelated Solutions
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
$
9,000
Cisneros, capital (40%)
4,800
Beck, capital (20%)
(9,600
)
(deficit)
Sadak, capital (10%)
(10,400
)
(deficit)
Emerson, capital (20%)
15,600
Page, capital (10%)
(15,000
)
(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 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
$
5,500
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
$
6,000
Cisneros, capital (40%)
3,900
Beck, capital (20%)
(12,300
)
(deficit)
Sadak, capital (10%)
(8,300
)
(deficit)
Emerson, capital (20%)
15,000
Page, capital (10%)
(6,300
)
(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: The partners split...
A partnership has liquidated all assets but still reports the following account balances:
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?
A partnership has the following account balances at the date of termination: Cash, $96,000; Noncash Assets,...
A partnership has the following account balances at the date of
termination: Cash, $96,000; Noncash Assets, $740,000; Liabilities,
$494,000; Bell, capital (50 percent of profits and losses),
$160,000; Mann, capital (30 percent), $110,000; Scott, capital (20
percent), $72,000. The following transactions occur during
liquidation:
Noncash assets with a book value of $580,000 are sold for
$480,000 in cash.
A creditor reduces his claim against the partnership from
$160,000 to $130,000, and this amount is paid in cash.
The remaining noncash...
A local dental partnership has been liquidated and the final capital balances are as follows:
A local dental partnership has been liquidated and the final capital balances are as follows: Atkinson, capital (40% of all profits and losses) $ 73,000Kaporale, capital (30%) 33,080Dennsmore, capital (20%) (48,000)Rasputin, capital (10%) ...
A local dental partnership has been liquidated and the final capital balances are as follows:Atkinson, capital...
A local dental partnership has been liquidated and the final capital balances are as follows:Atkinson, capital (40% of all profits and losses) . . . . . . . . . . . . . . . . $ 70,000Kaporale, capital (30%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000Dennsmore, capital (20%) ....
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) $ 68,000
Kaporale, capital (30%) 28,000
Dennsmore, capital (20%) (50,000 )
Rasputin, capital (10%) (46,000 )
If Rasputin contributes additional cash of $26,000 to the partnership, what should happen to it? (Do not round intermediate calculations.)
ATKINSON
KAPORALE
DENNSMORE
RASPUTIN
CASH DISTRIBUTION
A partnership has the following account balances: Cash, $95,000; Other Assets, $665,000; Liabilities, $305,000; Nixon (50...
A partnership has the following account balances: Cash, $95,000;
Other Assets, $665,000; Liabilities, $305,000; Nixon (50 percent of
profits and losses), $215,000; Cleveland (30 percent), $150,000;
Pierce (20 percent), $90,000. The company liquidates, and $20,500
becomes available to the partners. Who gets the $20,500? Determine
how much of this amount should be distributed to each
partner.(Do not round intermediate
calculations.)
A partnership has the following account balances: Cash, $76,000; Other Assets, $570,000; Liabilities, $258,000; Nixon (50...
A partnership has the following account balances: Cash, $76,000;
Other Assets, $570,000; Liabilities, $258,000; Nixon (50 percent of
profits and losses), $180,000; Cleveland (30 percent), $130,000;
Pierce (20 percent), $78,000. The company liquidates, and $16,500
becomes available to the partners. Who gets the $16,500? Determine
how much of this amount should be distributed to each partner. (Do
not round intermediate calculations.)
Nixon Cleveland Pierce
Safe payments:
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