The partnership of Hendrick, Mitchum, and Redding has the following account balances Cash $ 48,000 Liabilities $ 31,000 Noncash assets 147,000 Hendrick, capital 123,000 Mitchum, capital 82,000 Redding, capital (41,000 ) This partnership is being liquidated Hendrick and Mitchum are each entitled to 30 percent of all profits and losses with the remaining 40 percent going to Redding What is the maximum amount that Redding might have to contribute to this partnership because of the deficit capital balance How should the $17,000 cash that is presently available in excess of liabilities be distributed If the noncash assets are sold for a total of $62,000, what is the minimum amount of cash that Hendrick could receive (Do not round intermediate calculations ) a Maximum amount b Distributed Hendrick Mitchum Redding c Minimum amount

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Posted on Jul 15, 2024

The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash $ 48,000 Liabilities $ 31,000 Noncash assets 147,000 Hendrick, capital 123,000 Mitchum,

The partnership of Hendrick, Mitchum, and Redding has the following account balances:


Cash	$	48,000	Liabilities	$	31,000
Noncash assets		147,000	Hendrick, capital		123,000
			Mitchum, capital		82,000
			Redding, capital		(41,000	)

This partnership is being liquidated. Hendrick and Mitchum are each entitled to 30 percent of all profits and losses with the remaining 40 percent going to Redding.

What is the maximum amount that Redding might have to contribute to this partnership because of the deficit capital balance?
How should the $17,000 cash that is presently available in excess of liabilities be distributed?
If the noncash assets are sold for a total of $62,000, what is the minimum amount of cash that Hendrick could receive? (Do not round intermediate calculations.)

a.Maximum amount

b.Distributed:

Hendrick

Mitchum

Redding

c.Minimum amount