Apps D New Tab CampeWhitney Shared with Sydney Following is a series of independent cases. In each situation, indicate the cash distribution to be made at the end of the liquidation process. Unless otherwise stated, assume that all solvent partners wil reimburse the partnership for their deficit capital balances a. The Simon, Haynes, and Jackson partnership presently reports the following accounts. Jackson is personally insolvent and can contribute only an additional $10,000 to the partnership. Simon is also insolvent and has no available funds. Cash Haynes, loan Simon, capital (40%) $ 50,000 42,000 50,000 ,000 36,000 Haynes, capital (20%) Jackson, capital (40%) (26,000) (52,000) Capital Loan and Jackson Capital Simon, Loan and Beginning balances Contribution by Jackson Capital balances Elimination of Jackson's deficit Final distribution b. Hough, Luck, and Cummings operate a local accounting firm as a partnership. After working together for several years, they have decided to liquidate the partnership's property. The partners have prepared the following balance sheet: Hough, loan 40,000 Noncash assets 202,000 S 40,000 Liabilities 41,000 Luck, loan Cash Hough, capital (50%) Luck, capital (40%) Cummings, capital (10%) 36,000 30,000 150,000 26,000 41,000 Total assets $283,000 Total iabilities and capital $283,000 The firm sells the noncash assets for $100,000; it will use $41,000 of this amount to pay liquidation expenses All three of these partners are personally insolvent. Allocation based on 50:40:10 for Hough, Luck and Cummings capital respectively. Hough, Loan and Luck, L and Cumming Pita Beginning balances Loss on disposal Liquidation expenses Capital balances Allocation of Luck's deficit Type here to search 0