A partnership has liquidated all assets but still reports the following account balances: The partners split profits

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A partnership has liquidated all assets but still reports the following account balances: The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent; and Page 10 percent.
Beck, loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............ . $ 8,000
Cisneros, capital (40%) . . . . . . . . . . . . . . . . . . ............... . 5,000
Beck, capital (20%) . . . . . . . . . . . . . . . . . . . . . . . (12,000) (deficit)
Sadak, capital (10%) . . . . . . . . . . . . . . . . . . . . . . . (8,000) (deficit)
Emerson, capital (20%) . . . . . . . . . . . . . . . . . . ............. . 13,000
Page, capital (10%) . . . . . . . . . . . . . . . . . . . . . . . . (6,000) (deficit)
Assuming that all partners are personally insolvent except for Sadak and Emerson, how much cash must Sadak now contribute to this partnership?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Advanced Accounting

ISBN: 9781260247824

14th Edition

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

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