Required Information [The following information applies to the questions displayed below.] Turner, Roth, and Lowe are partners who share Income and loss In a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immedlately before liquldation, the partnership balance sheet shows total assets, $135,600; total liabilitles, $86,000; Turner, Capital, $3,300; Roth, Capital, $14,400; and Lowe, Capital. $31,900. Cash recelved from selling the assets was sufficient to repay all but $32.000 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 each partner should contribute to the partnership to cover any remalning capital deficlency. Complete question by entering your answers the abs below. Required A Required B Required C Allocate the loss from part a to the partners. (Losses and deficits should be indicated with a minus sign.) Turner Roth Lowe Total Initial capital balances 3,300 14,400 31,900 $ 49,600 Allocation of gains (losses) 1/10 (8,180) 4/10 (32,640) 5/10 (40,800) (81,800) Capital balances after gains (losses) (4,880) S (18,240) (8,900) (32,000) < Required A Required C >
Required Information [The following information applies to the questions displayed below.] Turner, Roth, and Lowe are partners who share Income and loss In a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immedlately before liquldation, the partnership balance sheet shows total assets, $135,600; total liabilitles, $86,000; Turner, Capital, $3,300; Roth, Capital, $14,400; and Lowe, Capital. $31,900. Cash recelved from selling the assets was sufficient to repay all but $32.000 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 each partner should contribute to the partnership to cover any remalning capital deficlency. Complete question by entering your answers the abs below. Required A Required B Required C Allocate the loss from part a to the partners. (Losses and deficits should be indicated with a minus sign.) Turner Roth Lowe Total Initial capital balances 3,300 14,400 31,900 $ 49,600 Allocation of gains (losses) 1/10 (8,180) 4/10 (32,640) 5/10 (40,800) (81,800) Capital balances after gains (losses) (4,880) S (18,240) (8,900) (32,000) < Required A Required C >
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
Related questions
Question
![Required Information
[The following information applies to the questions displayed below.]
Turner, Roth, and Lowe are partners who share Income and loss In a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and
Lowe, 50%). The partners decide to liquidate the partnership. Immedlately before liquldation, the partnership balance
sheet shows total assets, $135,600; total liabilitles, $86,000; Turner, Capital, $3,300; Roth, Capital, $14,400; and Lowe,
Capital. $31,900. Cash recelved from selling the assets was sufficient to repay all but $32.000 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 each partner should contribute to the partnership to cover any remalning capital deficlency.
Complete
question by entering your answers
the
abs below.
Required A
Required B
Required C
Allocate the loss from part a to the partners. (Losses and deficits should be indicated with a minus sign.)
Turner
Roth
Lowe
Total
Initial capital balances
3,300
14,400
31,900 $
49,600
Allocation of gains (losses)
1/10
(8,180) 4/10
(32,640) 5/10
(40,800)
(81,000)
Capital balances after gains (losses)
(4,880)
S (18,240)
(8,900)
(32,000)
< Required A
Required C >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2Fb381dc10-3341-47b5-a9f4-234aabd20f7b%2Fwylvcuq_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
Turner, Roth, and Lowe are partners who share Income and loss In a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and
Lowe, 50%). The partners decide to liquidate the partnership. Immedlately before liquldation, the partnership balance
sheet shows total assets, $135,600; total liabilitles, $86,000; Turner, Capital, $3,300; Roth, Capital, $14,400; and Lowe,
Capital. $31,900. Cash recelved from selling the assets was sufficient to repay all but $32.000 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 each partner should contribute to the partnership to cover any remalning capital deficlency.
Complete
question by entering your answers
the
abs below.
Required A
Required B
Required C
Allocate the loss from part a to the partners. (Losses and deficits should be indicated with a minus sign.)
Turner
Roth
Lowe
Total
Initial capital balances
3,300
14,400
31,900 $
49,600
Allocation of gains (losses)
1/10
(8,180) 4/10
(32,640) 5/10
(40,800)
(81,000)
Capital balances after gains (losses)
(4,880)
S (18,240)
(8,900)
(32,000)
< Required A
Required C >
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