Question
In: Accounting
The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash $ 57,000 Liabilities...
The partnership of Hendrick, Mitchum, and Redding has the following account balances:
| Cash | $ | 57,000 | Liabilities | $ | 36,000 | |||
| Noncash assets | 142,000 | Hendrick, capital | 108,000 | |||||
| Mitchum, capital | 77,000 | |||||||
| Redding, capital | (22,000 | ) | ||||||
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 $21,000 cash that is presently available in excess of liabilities be distributed?
-
If the noncash assets are sold for a total of $57,000, what is the minimum amount of cash that Hendrick could receive?
(Do not round intermediate calculations.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash $ 61,000 Liabilities...
The partnership of Hendrick, Mitchum, and Redding has the
following account balances:
Cash
$
61,000
Liabilities
$
30,000
Noncash assets
160,000
Hendrick, capital
150,000
Mitchum, capital
95,000
Redding, capital
(54,000
)
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...
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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.)
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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:
A partnership has the following account balances: Cash, $70,000; Other Assets, $540,000; Liabilities, $260,000; Nixon (50...
A partnership has the following account balances: Cash, $70,000;
Other Assets, $540,000; Liabilities, $260,000; Nixon (50 percent of
profits and losses), $170,000; Cleveland (30 percent), $110,000;
Pierce (20 percent), $70,000. The company liquidates, and $8,000
becomes available to the partners. Who gets the $8,000? Determine
how much of this amount should be distributed to each
partner.(Do not round intermediate
calculations.)
Nixon
Cleveland
Pierce
Safe payments
The partnership of Hendrick, Mitchum, and Redding has thefollowing account balances:Cash$52,000Liabilities...
The partnership of Hendrick, Mitchum, and Redding has the
following account balances:
Cash
$
52,000
Liabilities
$
38,000
Noncash assets
151,000
Hendrick, capital
124,000
Mitchum, capital
86,000
Redding, capital
(45,000
)
This partnership is being liquidated. Hendrick and Mitchum are
each entitled to 30 percent of all profits and losses with the
remaining 40 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 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 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: 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 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...
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