ADVANCED ACCOUNTING
13th Edition
ISBN: 9781260773033
Author: Hoyle
Publisher: MCG
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Chapter 15, Problem 19P
To determine
Determine the amount of cash that person S must now contribute to the
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A partnership has liquidated all assets but still reports the following account balances for its partners:
Beck, loan
$
9,500
Cisneros, capital (40%)
3,000
Beck, capital (20%)
(13,000
)
(deficit)
Sadak, capital (10%)
(9,000
)
(deficit)
Emerson, capital (20%)
14,500
Page, capital (10%)
(7,000
)
(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 Cisneros, Beck, and Page are personally insolvent, how much cash must Sadak now contribute to this partnership? (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.)
A partnership has gone through liquidation and now reports the following account balances:
Cash
Loan from Molina
Ashman, capital
Molina, capital
Pinckney, capital
Diaz, capital
$ 16,000
3,000
(2,000) (deficit)
(5,000) (deficit)
13,000
7,000
Profits and losses are allocated on the following basis: Ashman, 30 percent; Molina, 20 percent; Pinckney, 30 percent; and Diaz, 20
percent.
Required:
Calculate the safe payments that can be made to individual partners.
Adjusted balances (safe payments)
Answer is complete but not entirely correct.
Molina
$3,200
Ashman
$ 4,800
Pinckney
$ 4,800 x $
Diaz
3,200 x
A partnership has liquidated all assets but still reports the following account balances:
Beck, loan
Cisneros, capital (40%)
Beck, capital (20%)
Sadak, capital (10%)
Emerson, capital (20%)
Page, capital (10%)
$ 7,500
4,500
(13,500) (deficit)
(9,500) (deficit)
16,500
(7,500) (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.)
Sadak contribution
Chapter 15 Solutions
ADVANCED ACCOUNTING
Ch. 15 - Prob. 1QCh. 15 - Prob. 2QCh. 15 - Prob. 3QCh. 15 - Prob. 4QCh. 15 - What is the purpose of a statement of liquidation?...Ch. 15 - Prob. 6QCh. 15 - Prob. 7QCh. 15 - Prob. 8QCh. 15 - What is the purpose of a proposed schedule of...Ch. 15 - Prob. 10Q
Ch. 15 - Prob. 1PCh. 15 - Prob. 2PCh. 15 - Prob. 3PCh. 15 - Prob. 4PCh. 15 - A partnership is considering possible liquidation...Ch. 15 - What is a predistribution plan? a. A list of the...Ch. 15 - Prob. 7PCh. 15 - Prob. 8PCh. 15 - Prob. 9PCh. 15 - Prob. 10PCh. 15 - Prob. 11PCh. 15 - Prob. 12PCh. 15 - Prob. 13PCh. 15 - Prob. 14PCh. 15 - Prob. 15PCh. 15 - Prob. 16PCh. 15 - Prob. 17PCh. 15 - Prob. 18PCh. 15 - Prob. 19PCh. 15 - The following balance sheet is for a local...Ch. 15 - Prob. 21PCh. 15 - Prob. 22PCh. 15 - Prob. 23PCh. 15 - Prob. 24PCh. 15 - Prob. 25PCh. 15 - Prob. 26PCh. 15 - March, April, and May have been in partnership for...Ch. 15 - Prob. 28PCh. 15 - Prob. 29PCh. 15 - Prob. 30PCh. 15 - Prob. 31PCh. 15 - Prob. 32PCh. 15 - Prob. 33P
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