Required information [The following information applies to the questions displayed below] Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio (in percents: Turner, 20\%; Roth, 30\%; and Lowe, 50% ). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, \$150,000; total liabilities, $98,000; Turner, Capital, $4,500; Roth, Capital, \$15,000; and Lowe, Capital, $32,500. The liquidation resulted in a loss of $90,000. equired: a. Allocate the loss to the partners. b. 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. Allocate the loss to the partners. Note: Losses and deficils should be indicated with a minus sign. Required information [The following information applies to the questions displayed below.] Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio (in percents: Turner, 20\%; Roth, 30\%; and Lowe, 50% ). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $150,000; total liabilities, $98,000; Tumer, Capital, $4,500; Roth, Capital, $15,000;; and Lowe, Capital, $32,500. The liquidation resulted in a loss of $90,000. required: a. Allocate the loss to the partners. b. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency. Complete this question by entering your answers h the tabs below. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency, Required information The following information applies to the questions displayed below] Turner, Roth, and Lowe are partners who share income and loss in a 2:3:5 ratio (in percents: Turner, 20\%; Roth, 30\%; and Lowe, 50\%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, \$150,000; total liabilities, \$98,000; Turner, Capital, \$4,500; Roth, Capital, \$15,000; and Lowe, Capital, $32,500. The liquidation resulted in a loss of $90,000. Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners. Lowe is a limited partner, meaning any remaining deficiency in Lowe's capital account is covered by Turner and Roth. Determine how much, if any, each partner should contribute to the partnership to cover any remaining capital deficiency. Note: Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign
