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The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $ 2 1 , 2 0 0 but no
The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $ but no other assets. Liabilities amount to $ The capital balances are
Ramos of profits and losses $
Rios
Safar deficit
Wong deficit
Required:
a If both Safar and Wong are personally insolvent, how much money must Rios contribute to the partnership?
b If only Wong is personally insolvent, how much money must Safar contribute to the partnership?
b If only Wong is personally insolvent, how will Safar's contribution funds be distributed?
c If only Safar is personally insolvent, how much money should Ramos receive from the liquidation?
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