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The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash...

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Accounting

The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash of $21,200 but no other assets. Liabilities amount to $32,500. The capital balances are

Anderson (40% of profits and losses) $ 38,700

Berry (30%) 27,000

Hammond (10%) (36,000 ) (deficit)

Winwood (20%) (41,000 ) (deficit)

a. If both Hammond and Winwood are personally insolvent, how much money must Berry contribute to this partnership?

b-1. If only Winwood is personally insolvent, how much money must Hammond contribute?

b-2. If only Winwood is personally insolvent, how will Hammond's contribution (funds) be disbursed?

c. If only Hammond is personally insolvent, how much money should Anderson receive from the liquidation?

A. Berry's Contribution 6,000

B-1 Hammond's Contribution ??

B-2 Creditors 11,300

Anderson ??

Berry ??

C. Anderson should recieve???

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