The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of...
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The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $21,300 but no other assets. Liabilities amount to $30,600. The capital balances are Ramos (30% of profits and losses) Rios (30%) Safar (20%) Wong (20%) Required: $ 26,700 28,000 (23,000) (deficit) (41,000) (deficit) a. If both Safar and Wong are personally insolvent, how much money must Rios contribute to the partnership? b-1. If only Wong is personally insolvent, how much money must Safar contribute to the partnership? b-2. If only Wong is personally insolvent, how will Safar's contribution (funds) be distributed? c. If only Safar is personally insolvent, how much money should Ramos receive from the liquidation? Note: For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount. a. Rio's contribution b-1 Safar contribution b-2. Creditors b-2. Ramos b-2. Rios C. Ramos should receive The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $21,300 but no other assets. Liabilities amount to $30,600. The capital balances are Ramos (30% of profits and losses) Rios (30%) Safar (20%) Wong (20%) Required: $ 26,700 28,000 (23,000) (deficit) (41,000) (deficit) a. If both Safar and Wong are personally insolvent, how much money must Rios contribute to the partnership? b-1. If only Wong is personally insolvent, how much money must Safar contribute to the partnership? b-2. If only Wong is personally insolvent, how will Safar's contribution (funds) be distributed? c. If only Safar is personally insolvent, how much money should Ramos receive from the liquidation? Note: For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount. a. Rio's contribution b-1 Safar contribution b-2. Creditors b-2. Ramos b-2. Rios C. Ramos should receive
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