Homework 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. $126,000 total liabilities, $78,000; Turner, Capital, $2,500; Roth, Capital $14,000, and Lowe, Capital. $31,500. The cash proceeds from selling the assets were sufficient to repay all but $28,000 to the creditors. 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 Complete this question by entering your answers in the tabs below. Required A Required B Required 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 LA ere to search Homework 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. $126,000 total liabilities. $78,000: Turner, Capital, $2,500: Roth, Capital $14,000, and Lowe, Capital, $31,500. The cash proceeds from selling the assets were sufficient to repay all but $28,000 to the creditors. 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 Complete this question by entering your answers in the tabs below. Required A Required B Required Allocate the loss from part a to the partners Losses and deficits should be indicated with a minus sign) Turner Initial capital balances Lowe 31,500 Total 48,000 2,500 $ 14,000 $ $ Allocation of gains (losses) Capital balances after gains (losses) 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. $126,000, total liabilities, $78,000; Turner, Capital. $2,500; Roth, Capital $14,000, and Lowe, Capital, $31,500. The cash proceeds from selling the assets were sufficient to repay all but $28,000 to the creditors. 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine how much, if any, each partner should contribute to the partnership to cover any remaining capital deficiency. Turner Roth Lowe Total Amount to be contributed to the partnership
