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 | $ | 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 much cash must Sadak now contribute to this partnership? (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.)
Solutions
Expert Solution
| Beck,Sadack and Page has deficit balances | ||||||||
| But,Sadak is not an insolvent | ||||||||
| Hece,deficit of Beck and page: | ||||||||
| $ | $ | |||||||
| Beck, capital | -9600 | |||||||
| Beck,loan | 9000 | -600 | ||||||
| Page, capital | -15000 | |||||||
| Total deficit | -15600 | |||||||
| Loss of $15600 has to be absorbed by Cisneros,Sadak and Emerson @ 40:10:20 | ||||||||
| Share of loss: | ||||||||
| $ | ||||||||
| Cisneros | 15600*(40/70) | 8914 | ||||||
| Sadak | 15600*(10/70) | 2229 | ||||||
| Emerson | 15600*(20/70) | 4457 | ||||||
| 15600 | ||||||||
| New capital balances: | ||||||||
| Beg. Bal | Share
of loss |
New bal. | ||||||
| Cisneros | 4800 | 8914 | -4114 | |||||
| Sadak | -10400 | 2229 | -12629 | |||||
| Emerson | 15600 | 4457 | 11143 | |||||
| Cisneros loss of $ 4114 has to be borne by Sadak and emerson @ 10:20 | ||||||||
| Share of loss: | ||||||||
| $ | ||||||||
| Sadak | 4114*(10/30) | 1371 | ||||||
| Emerson | 4114*(20/30) | 2743 | ||||||
| Total | 4114 | |||||||
| New capital balances: | ||||||||
| Beg. Bal | Share
of loss |
New bal. | ||||||
| Sadak | -12629 | 1371 | -14000 | |||||
| Emerson | 11143 | 2743 | 8400 | |||||
| Sadak has to contribute $ 14000 | ||||||||
ekkarill92 answered 2 years 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
$
5,500
Cisneros, capital (40%)
3,600
Beck, capital (20%)
(12,200
)
(deficit)
Sadak, capital (10%)
(8,200
)
(deficit)
Emerson, capital (20%)
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Page, capital (10%)
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(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: 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...
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?
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Pierce (20 percent), $90,000. The company liquidates, and $20,500
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Nixon Cleveland Pierce
Safe payments:
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