A partnership has liquidated all assets but still reports the following account balances for its...

70.2K

Verified Solution

Question

Accounting

A partnership has liquidated all assets but still reports the following account balances for its partners:
\table[[Beck, loan,],[Cisneros, capital (40%),8,000],[Beck, capital (20%),5,000],[Sadak, capital (10%),(12,000)(deficit)],[Emerson, capital (20%),(8,000)(deficit)],[Page, capital (10%),13,000],[,(6,000)(deficit)]]
The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent, and Page 10 percent.
Assuming that Cisneros, Beck, and Page are personally insolvent, how much cash must Sadak now contribute to this partnership? (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.)
Sadak contribution
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students