GEN COMBO ADVANCED ACCOUNTING; CONNECT ACCESS CARD
13th Edition
ISBN: 9781260087383
Author: Joe Ben Hoyle
Publisher: McGraw-Hill Education
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Question
Chapter 15, Problem 26P
a.
To determine
Determine the amount of money that person B should contribute to the
b.
To determine
Determine the amount of money that person H should contribute to the partnership if only person W is insolvent.
c.
To determine
Determine the amount of money that person A should receive from the liquidation if only person H is personally insolvent.
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The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $20,900 but no other assets.
Liabilities amount to $29,300. The capital balances are
Ramos (30% of profits and losses)
Rios (30%)
Safar (20%)
Wong (20%)
Required:
$ 26,600
27,000
(22,000)
(40,000)
(deficit)
(deficit)
a. If both Safar and Wong are personally insolvent, how much money must Rios contribute to the partnership?
b-1. If only Wong is personally insolvent, how much money must Safar contribute to the partnership?
b-2. If only Wong is personally insolvent, how will Safar's contribution (funds) be distributed?
c. If only Safar is personally insolvent, how much money should Ramos receive from the liquidation?
Note: For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount.
a.
Rio's contribution
b-1
Safar contribution
b-2.
Creditors
b-2.
Ramos
b-2.
Rios
C.
Ramos should receive
The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $21,800 but no other assets. Liabilities
amount to $55,400. The capital balances are
Ramos (40% of profits and losses)
Rios (20%)
Safar (20%)
Wong (20%)
Required:
$ 26,400
24,000
(40,000) (deficit)
(44,000) (deficit)
a. If both Safar and Wong are personally insolvent, how much money must Rios contribute to the partnership?
b-1. If only Wong is personally insolvent, how much money must Safar contribute to the partnership?
b-2. If only Wong is personally insolvent, how will Safar's contribution (funds) be distributed?
c. If only Safar is personally insolvent, how much money should Ramos receive from the liquidation?
Note: For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount.
* Answer is complete but not entirely correct.
a.
Rio's contribution
$
66,000
b-1
Safar contribution
$ (40,000)
b-
Creditors
$
21,800x
2.
b-
Ramos
$
66,000
2.…
The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $20,300 but no other assets. Liabilities
amount to $22,600. The capital balances are
Ramos (40% of profits and losses)
Rios (30%)
Safar (10%)
Wong (20%)
1.
-1
2
Required:
a. If both Safar and Wong are personally insolvent, how much money must Rios contribute to the partnership?
b-1. If only Wong is personally insolvent, how much money must Safar contribute to the partnership?
b-2. If only Wong is personally insolvent, how will Safar's contribution (funds) be distributed?
c. If only Safar is personally insolvent, how much money should Ramos receive from the liquidation?
ote: For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount.
-2.
2
$ 23,700
16,000
(18,000)
(24,000)
Rio's contribution
Safar contribution
Creditors
Ramos
Rios
Ramos should receive
(deficit).
(deficit)
Chapter 15 Solutions
GEN COMBO ADVANCED ACCOUNTING; CONNECT ACCESS CARD
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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