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, $133,200; total liabilities, $84,000; Turner, Capital, $3,100; Roth, Capital, $14,300; and Lowe, Capital, $31,800. Cash received from selling the assets was sufficient to repay all but $31,000 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 $31,000?

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 $31,000? (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.)

Calculate Gain (Loss) on Sale of Assets
		Turner		Roth		Lowe	Total
Initial capital balances		$3,100		$14,300		$31,800	$49,200
Allocation of gains (losses)
Capital balances after gains (losses)
Allocation of Lowe's Deficit to Turner and Roth
		Turner		Roth		Lowe	Total
Allocation of Lowe's deficit to Turner and Roth						(8,300)
Capital balances after deficit allocation		$(16,260)		$(14,740)		$0	$(31,000)
Amount to be repaid to partnership