Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 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, $164,400; total liabilities, $110,000; Turner, Capital, $5,700; Roth, Capital, $15,600; and Lowe, Capital, $33,100. The cash proceeds from selling the assets were sufficient to repay all but $44,000 to the creditors. Required:
a. Calculate the loss from selling the assets.
b. Allocate the loss from part a to the partners.
c. Determine how much, if any, each partner should contribute to the partnership to cover any remaining capital deficiency.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio. After lengthy disagreements among the partners and several ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
During the paleogene period the style of plate boundary in california shifted to
Answers (1)
What effects does this journal entry have on the accounts? decrease cash and increase land decrease cash and decrease land increase cash and increase land increase cash and decrease land?
Answers (1)
If the Federal Reserve increases the money supply, how will the interest rate, theinternational value of the dollar, and imports be affected? International Value Interest Rate of the Dollar Imports
Answers (1)
They really don't purchase much, but they like the recreation the outing provides. Which type of shopping activity is this? Group of answer choices acquisitional shopping epistemic shopping experiential shopping impulsive shopping habitual shopping
Answers (1)
In preparing Marjorie Company's statement of cash flows for the most recent year, the following information is available: Purchase of equipment $260,000 Proceeds from the sale of equipment $87,000 Purchase of land $91,000 Net cash flows from
Answers (1)
New Questions in Business
George and Weezy received $30,200 of Social Security benefits this year ($12,000 for George; $18,200 for Weezy). They also received $5,000 of interest from jointly owned City of Ranburne Bonds and dividend income.
Answers (1)
Which of the following is true regarding the high-tech industry today? a. It generally depends on a pool of low-skilled labor. b. It has led to the increased economic development of previously rural areas. c.
Answers (1)
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. -Sold merchandise on account for $64,000 to a customer.
Answers (1)
Barans Realty Co. pays weekly salaries of $18,000 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Friday.
Answers (1)
Montana Company was authorized to issue 200,000 shares of common stock. The company had issued 50,000 shares of stock when it purchased 10,000 shares of treasury stock.
Answers (1)