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Apps ) New Tab CanipeWhitney 0 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 will reimburse the partnership for their deficit capital balances. a. The Simon, Haynes, and Jackson partnership presently reports the following accounts, Jackson is personaly insolvent and can contribute only an additional $10,000 to the partnership. Simon is also insolvent and has no available funds. $ 50,000 Liabilities 42,000 Haynes, loan 50,000 Simon, capital (40%) 36.000 Haynes, capital (2096) (26,000) Jackson, capital (40%) (52,000) Simon, Haynes, Capital Loan and Jackson. Capital Capital 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: Cash $ 40,000 Liabilities $ 36,000 Hough, loan 41,000 Luck, loan 30.000 Noncash assets 202,000 Hough, capital (50%%) 150,000 Luck, capital (40%) 26,000 Cummings, capital (10%) 41.000 Total assets $283,000 Total Habilities 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 those partners are personally insolvent. Allocation based on 50:40:10 for Hough, Luck and Cummings capital respectively. Hough, Loan and Luck, Loan cummings, and Capital Capital Capital Beginning balances Loss on disposal Liquidation exporises Capital balances Allocation of Luck's deficit Final distribution O Type here to searchC O extomheducation.com/rimipx Apps [ New Tab CamipeWhitney 1 Shared with Sydney c. Hough, Luck, and Cummings operate a local accounting firm as a partnership. After working together for several yours, they have decided to liquidate the partnership's property. The partners have prepared the folowing balance sheet 540 000 Liabison $ 30,000 Cash 30,000 Hough, loan 41000 Luck, loan 150,000 Noncash ajob 202 000 Hough, capital Luck, capital 241000 Cummings, capital 41 040 Total mascots $20 007000 Toil Habilrios and capital $283,000 Assume that the profits and losses are split 2:4:4 to Hough, Luck, and Cummings, respectively, and that quidation expenses are only $26,000. The firm sells the noncash assets for $100,000; All three of thong partners are personally insolvent. (Do not round intermediate calculations. ] Hough, Luck, Loan Cummings, Loan and and Capital Capital Capital Beginning balancing Lose on disposal Liquidation expenses Capital balances Allocation of Cummings' deficit balance Capital balances Allocation of Luck's deficit balance Final distribution d, Following the liquidation of all poncash astols, The parmership of Redmond, Ledbetter. Watson, and Sandridge has the following account balances Redmond, loan Rodmond, capital post 181 000) Ledbatter, social CION] Hutton, capital (30) 5000 Sandridge, capital MOT 35090 Redmond is personally intoivent Redmond, Loan and Ledbetter, Watson, Sandridge, Capital Capital Capital Capital Mlocation of Redmond's deficit balance Capital balances Contribution by Ledbuffer and Watson Final distribution Plotarences .Book & Resources Problem liquidation Lolming Objective: 15-01 Determine amounts to be puld to partner Type here to search e 91. For the two parts of this question, state the appropriate distribution to use and calculate the mean, variance and the probabilities indicated: In an intermediate level economics class there are 16 students. Nine of these are economics majors. For class discussion purposes five students are randomly selected. Distribution = 1. For the two parts of this question, state the appropriate distribution to use and calculate the mean, variance and the probabilities indicated: In an intermediate level economics class there are 16 students. Nine of these are economics majors. For class discussion purposes five students are randomly selected. Mean # of econ majors selected from 5 students = 1. For the two parts of this question, state the appropriate distribution to use and calculate the mean, variance and the probabilities indicated: In an intermediate level economics class there are 16 students. Nine of these are economics majors. For class discussion purposes five students are randomly selected. Variance of # of econ majors out of 9 students =
