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The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash of...

The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash of $22,900 but no other assets. Liabilities amount to $36,600. The capital balances are

Anderson (30% of profits and losses) $ 14,300
Berry (30%) 26,000
Hammond (20%) (22,000 ) (deficit)
Winwood (20%) (32,000 ) (deficit)

  1. a. If both Hammond and Winwood are personally insolvent, how much money must Berry contribute to this partnership?

  2. b-1. If only Winwood is personally insolvent, how much money must Hammond contribute?

  3. b-2. If only Winwood is personally insolvent, how will Hammond's contribution (funds) be disbursed?

  4. c. If only Hammond is personally insolvent, how much money should Anderson receive from the liquidation

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ekkarill92 answered 1 year ago
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