The partnership of Hendrick, Mitchum, and Redding has the following account balances: Cash $ 61,000 Liabilities $ 30,000 Noncash assets 160,000 Hendrick, capital 150,000 Mitchum, capital 95,000 Redding, capital (54,000 ) This...

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Accounting

The partnership of Hendrick, Mitchum, and Redding has thefollowing account balances:
Cash $ 61,000 Liabilities $ 30,000
Noncash assets 160,000 Hendrick, capital 150,000
Mitchum, capital 95,000
Redding, capital (54,000 )
This partnership is being liquidated. Hendrick and Mitchum areeach entitled to 40 percent of all profits and losses with theremaining 20 percent going to Redding.
What is the maximum amount that Redding might have to contributeto this partnership because of the deficit capital balance?
How should the $31,000 cash that is presently available inexcess of liabilities be distributed?
If the noncash assets are sold for a total of $75,000, what isthe minimum amount of cash that Hendrick could receive?

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Answer 1 Share from loss of non cash asset 1600002032000 Redding capital54000 Maximum amount Redding to contribute86000 Answer 2 Hendrick 31000 Mitchum 0 See Answer

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Cash	$	61,000	Liabilities	$	30,000
Noncash assets		160,000	Hendrick, capital		150,000
			Mitchum, capital		95,000
			Redding, capital		(54,000	)