Question
Required information Skip to question [The following information applies to the questions displayed below.] Turner, Roth, and Lowe are partners who share income and loss
Required information Skip to question [The following information applies to the questions displayed below.] Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $135,600; total liabilities, $86,000; Turner, Capital, $3,300; Roth, Capital, $14,400; and Lowe, Capital, $31,900. Cash received from selling the assets was sufficient to repay all but $32,000 to the creditors. Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. How much should each partner contribute to cover the remaining capital deficiency of $32,000? (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.)
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