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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 $33,300.

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 $33,300. The capital balances are

Anderson (30% of profits and losses) $ 20,300
Berry (30%) 13,000
Hammond (20%) (18,000 ) (deficit)
Winwood (20%) (26,000 ) (deficit)

  1. a. If both Hammond and Winwood are personally insolvent, how much money must Berry contribute to this partnership?

  2. b-1. If only Winwood is personally insolvent, how much money must Hammond contribute?

  3. b-2. If only Winwood is personally insolvent, how will Hammond's contribution (funds) be disbursed?

  4. c. If only Hammond is personally insolvent, how much money should Anderson receive from the liquidation?

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