Hello,

The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash of $20,500 but no other assets.

Liabilities amount to $28,800.

The capital balances are

Anderson (30% of profits and losses)25,700

Berry (30%)26,000

Hammond (20%)-21,000(deficit)

Winwood (20%) -39,000(deficit)

a. If both Hammond and Winwood are personally insolvent, how much money must Berry contribute to this partnership?

b-1. If only Winwood is personally insolvent, how much money must Hammond contribute?

b-2. If only Winwood is personally insolvent, how will Hammond's contribution (funds) be disbursed?

c. If only Hammond is personally insolvent, how much money should Anderson receive from the liquidation?