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, $128,400; total liabilities, $80,000; Turner, Capital, $2,700; Roth, Capital, $14,100; and Lowe, Capital, $31,600. Cash received from selling the assets was sufficient to repay all but $29,000 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 $29,000? (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.) Complete this question by entering your answers in the tabs below. Amount to be Sale of Assets Repaid to Partnership Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. Calculate sale of assets. (Do not round Intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign) Total book value of assets Total liabilities before liquidation Total liabilities remaining after paying proceeds of asset sales to creditors Cash proceeds from sale of assets 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 $29,000? (Do not round Intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.) Complete this question by entering your answers in the tabs below. Sale of Assets Amount to be Repaid to Partnership 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 $29,000? (Do not round intermediate calculations, Losses and deficits amounts to be deducted should be entered with a minus sign.) Calculate Gain (L03) on Sale of Assets Turner $ 2,700 Roth 14,100 $ Lowe Total $ 31.600 $ 48.400 0 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) $ 48,400 Allocation of Lowe's Detielt to Turner and Roth Turner Roth Allocation of Lowe's deficit to Turner and Roth Capital balances for deficit allocation Amount to be repaid to partnership Lowe Total (7.100) $ o $ (29,000) $ (20,000) $ (15,620) $ (13.380)
