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The Simon, Haynes, and Jackson partnership presently reports the following accounts. Jackson is personally insolvent and can contribute only an additional $7,000 to the partnership.
The Simon, Haynes, and Jackson partnership presently reports the following accounts. Jackson is personally insolvent and can contribute only an additional $7,000 to the partnership. Simon is also insolvent and has no available funds. (Leave no cells blank - be certain to enter "0" wherever required. Negative amounts and amounts to be deducted should be indicated with a minus sign.) Cash $ 41,000 Liabilities 33,000 Haynes, loan 32,000 Simon, capital (40%) 27,000 Haynes, capital (20%) (17,000) Jackson, capital (40%) (34,000) Simon, Capital Haynes, Loan and Capital Jackson, Capital Beginning balances $ $ $ Contribution by Jackson Capital balances $ $ $ Elimination of Jackson's deficit Final distribution $ $ $
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