Apartnership has liquidated all assets but still reports the following account balances: Loan from White Black, capital
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Apartnership has liquidated all assets but still reports the following account balances:
Loan from White Black, capital . . . White, capital . . Green, capital . . Brown, capital . . Blue, capital . . . LO6
$ 6,000 3,000
(9,000) (deficit) (3,000) (deficit) 15,000
(12,000) (deficit)
The partners split profits and losses as follows: Black, 30 percent; White, 30 percent; Green, 10 per¬ cent; Brown, 20 percent; and Blue, 10 percent.
Assuming that all partners are personally insolvent except for Green and Brown, how much cash must Green now contribute to this partnership?
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Related Book For
Advanced Accounting
ISBN: 9780073379456
9th Edition
Authors: Joe Ben Hoyle, Timothy S. Doupnik, Thomas F. Schaefer, Oe Ben Hoyle
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