What are the Required for A,B & C?
mework Problems Saved Help Save & Ch O Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) 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, $154,800; total liabilities, $102,000; Turner, Capital, $4,900; Roth, Capital, $15,200; and Lowe, Capital, $32,700. Cash received from seling the assets was sufficient to repay all but $40,000 to the creditors. Exercise 12-13 Liquidation of partnership LO P5 Required: a. Calculate the loss from selling the assets. b. Allocate the loss from part a to the partners. c. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency Complete this question by entering your answers in the tabs below. ERGILINE 12-13 LILILLLILI UI UAIRTEISIU LUPO Required information a. Calculate the loss from selling the assets. b. Allocate the loss from part a to the partners. c. Determine how much each partner should contribute to the partnership to cover any remaining capita Complete this question by entering your answers in the tabs below. 8 Required A Required B Required C Calculate the loss from selling the assets. $ 102,000 Liabilities before liquidation Proceeds from sale of assets (paid to creditors) Remaining liabilities Proceeds from sale of assets Book value of assets sold $ 102,000 CRILINE 12 LILLALUI UI LAIKIRI NRU LUPO Required information a. Calculate the loss from selling the assets. b. Allocate the loss from part a to the partners. c. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency. Complete this question by entering your answers in the tabs below. Required A Required Required Allocate the loss from part a to the partners. (Losses and deficits should be indicated with a minus sign.) Roth Turner $ 4,900 Lowe 32.700 $ Total 52,800 $ 15,200 $ Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Chec EXILINE 12-S LILLIILIALIRI UI LA LIHISERID LUPO Required information a. Calculate the loss from selling the assets. b. Allocate the loss from part a to the partners. c. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency. Complete this question by entering your answers in the tabs below. Required A Required B Required Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency. Turner Roth Lowo Total Amount to be contributed to the partnership $ 0