Q.8 Q.9

The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash of $22,600 but no other assets. Liabilities amount to $51,400. The capital balances are Anderson (408 of profits and losses) Berry (408) Hammond (108) Winwood (10%) $ 18,200 25,000 (36,000) (deficit) (36,000) (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 to the partnership? 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? (For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Berry's contribution Hammond's contribution a. b- 1 b- 2. G. Anderson should receive The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash Other assets $ 43,000 282,000 Liabilities Winn, capital (508 of profits and losses) Xie, capital (308) Yang, capital (108) Zed, capital (108) $66,000 73,000 90,000 53,000 43,000 Zed is personally insolvent, and one of his creditors is considering suing the partnership for the $3,000 that is currently owed. The creditor realizes that this litigation could result in partnership liquidation and does not wish to force such an extreme action unless Zed is reasonably sure of obtaining at least $3,000 from the liquidation Prepare a predistribution plan to determine the amount for which the partnership must sell the other assets to ensure that Zed receives $3,000 from the liquidation. Liquidation expenses are expected to be $28,000. (Do not round intermediate calculations.) Winn Xie Yang Zed Beginning capital Assumed loss of Schedule 1 Step one balances Assumed loss of Schedulo 2 Step two balances Assumed loss of Schedule 3 Step three balances