Required information [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. $142,800, total liabilitles. $92,000: Tumer. Capital, $3.900: Roth, Capital, $14,700; and Lowe, Capital, $32,200. Cash received from selling the assets was sufficient to repay all but $35,000 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 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 Required Calculate the loss from selling the assets. Liabilities before liquidation Proceeds from sale of assets paid to creditors) Remaining abilities Proceeds from sale of assets Book value of assets sold Required a Required information [The following Information applies to the questions displayed below) Turner, Roth, and Lowe are partners who share Income and loss in a 14:5 ratio (In percents: Turner, 10%; Roth, 40%, and Lowe, 50%). The partners decide to liquldate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $142,800, total liabilities, $92,000; Turner. Capital, $3.900: Roth, Capital. $14.700; and Lowe, Capital, $32,200. Cash received from selling the assets was sufficient to repay all but $35.000 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 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 Required Allocate the loss from part a to the partners. Losses and deficits should be indicated with a minus sign Turner $ 3,900 Roth 5 14.700 Lowe 32.2005 Total 50.800 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Required information {The following information applies to the questions displayed below) Turner, Roth, and Lowe are partners who share Income and loss in a 1:45 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, $142,800; total liabilities. $92,000; Turner, Capital, $3,900 Roth, Capital, $14,700; and Lowe, Capital, $32,200. Cash received from selling the assets was sufficient to repay all but $35,000 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 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 Required B Required Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency, Turner Roth Lowe Total Amount to be contributed to the partnership
