Accounting chp 12-13
Required information Use the following information for the Exercises below. [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. Immediately before liquidation, the partnership balance sheet shows total assets, $130,800, total liabilities, $82,000: Turner, Capital, $2.900: Roth, Capital, $14.200, and Lowe, Capital, $31,700. Cash received from selling the assets was sufficient to repay all but $30.000 to the creditors. Exercise 12-13 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 each partner should contribute to the partnership to cover any remaining capital deficiency Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the loss from selling the assets. Liabilities before liquidation Proceeds from sale of assets (paid to creditors) Remaining liabilities Proceeds from sale of assets Book value of assets sold Required B >Required information Use the following information for the Exercises below. [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. Immediately before liquidation, the partnership balance sheet shows total assets. $130,800: total liabilities, $82,000; Turner, Capital. $2,900; Roth, Capital, $14,200; and Lowe Capital, $31.700. Cash received from selling the assets was sufficient to repay all but $30.000 to the creditors. Exercise 12-13 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 each partner should contribute to the partnership to cover any remaining capital deficiency Complete this question by entering your answers in the tabs 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 Initial capital balances $ 2,900 14.200 Total $ 31,700 $ 48.800 Allocation of gains (losses) Capital balances after gains (losses) Required information Use the following information for the Exercises below. [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. Immediately before liquidation, the partnership balance sheet shows total assets, $130,800; total liabilities, $82,000; Turner, Capital, $2,900: Roth, Capital, $14,200; and Lowe. Capital, $31,700. Cash received from selling the assets was sufficient to repay all but $30,000 to the creditors Exercise 12-13 Liquidation of partnership LO P5 Required: a. Calculate the loss from selling the assets. es b. Allocate the loss from part a to the partners. c. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency. Turner Roth Lowe Total Amount to be contributed to the partnership
