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i Safari File Edit View History Bookmarks Window Help 94%)", Sun 5:46 PM aE newconnect mheducation.com nbox ACCOUNTIN... Ethics: by Carvas at SMC Connect Chegg Study l Safari Fie Chap 12 - Homework Saved Help Save & Exit Submit Shot Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to question 2 6.46 AM Required information Use the following information for the Exercises below. The following information applies to the questions displayed below 1.7 points 151863 Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 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, $162,000; total liabilities, $108,000; Turner, Capital, $5,500; Roth, Capital, $15,500; and Lowe, Capital, $33,000. The cash proceeds from selling the assets were sufficient to repay all but $43,000 to the creditors. de 0.06 AM On Exercise 12-11 Liquidation of partnership LO P5 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 T 8 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below CLA .pdfExplanation / Answer
From the above table we can see that the partnership has to payout the creditors to the extent of $43,000.
For this, the partners have to contribute the amounts shown gaianst their balances, i.e.,
Turner = $4,200, Rothe = $23,300 and Lowe = $15,500.
Capitals Assets Lialibities Turner Roth Lowe Balances 162000 -108000 -5500 -15500 -33000 Sale of assets -162000 65000 9700 38800 48500 Balances 0 -43000 4200 23300 15500Related Questions
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