The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $20,000

Question:

The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $20,000 but no other assets. Liabilities amount to $30,000. The capital balances are

a. If both Safar and Wong are personally insolvent, how much money must Rios contribute to the partnership?

b. If only Wong is personally insolvent, how much money must Safar contribute to the partnership? How will these funds be distributed?

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

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Advanced Accounting

ISBN: 9781264798483

15th Edition

Authors: Joe Ben Hoyle, Thomas Schaefer And Timothy Doupnik

See More Books

Question Posted: Jun 21, 2023 01:47 AM

See More Questions

The following information concerns two different partnerships. These problems should be viewed as independent situations. Part A The partnership of Ross, Milburn, and Thomas has the following account...
The following information concerns two different partnerships. These problems should be viewed as independent situations. Part A The partnership of Ross, Milburn, and Thomas has the following account...
The following information concerns two different partnerships. Part A The partnership of Ross, Milburn, and Thomas has the following account balances: Cash $ 36,000 Liabilities $17,000 Noncash assets...
1. What is differences between the ancient Mayan criminal justice system and modern criminal justice systems? 2. Does the legal system of the ancient Maya has any relevance to the modern world? File...
Three peopleBaker, Adams, and Nelsonorganized Dog-Eared Book Shoppe, Inc. The charter of this corporation authorizes capital consisting of the following: a. 2,600 shares of preferred 9 percent stock,...
Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit...
Mind & Motion entered into a real estate purchase contract (REPC) with Celtic Bank to buy a large piece of the banks foreclosed property. Although the county had approved plans to construct...
Ashley's Auto Top Carriers currently maintains plants in Atlanta and Tulsa that supply major distribution centers in Los Angeles and New York. Because of an expanding demand, Ashley has decided to...
Syarikat Penapisan Petroleum Berhad produces three joint products; Gasoline, Kerosene dan Diesel; and byproduct, i.e. Tar in the same refinery process. The split-off point incurred after the...
The partnership of Guerin, Moradi, and Veloso has the following account balances: This partnership is being liquidated. Guerin and Moradi are each entitled to 40 percent of all profits and losses...
The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: The partners decide to liquidate the...
Heating (1Z, 3Z, 5Z)-1, 3, 5-cyclorionatriene to 100?C causes Cyclization and formation of a bicyclic product. Is (he reaction conrotatory or disrotatory? What is the stereo chemical relationship of...
Post the journal entries into ledger accounts 1. Bought office equipment from Peckoff Equipment Co. on 30-day credit terms, $1,390. Purchase Invoice #2071. Ledger Entries: . Debit: Office Equipment...
Discuss the following questions: Should we pay federal employees or contractors a percentage of any amounts they help recover to better incentivize them to fight fraud? Which enforcement functions...
Prepare a summary that identifies the Financial and Accounting Department, a weakness or threat for each department, explanation of why the weakness exists, and the steps that you will implement in...
Discuss the following questions with your group mates: . What is the scope of ODR process? . What are the principles of ODR? What are the stages of ODR proceedings?
Briefly discuss the following under Transnet Freight Rail Supply Chain Management: 1. Purchasing 2. Manufacturing 3. Inventory Management 4. Demand Planning 5. Warehousing 6. Transportation 7....
In 2009 Noodles & Company introduced spaghetti and meatballs to their menu. Before putting it on the menu, they performed taste tests to determine the best-tasting spaghetti sauce. In a paired...
Differentiate the following terms/concepts: a. Personality types and money attitudes b. Planners and avoiders c. Moderating and adapting to biases d. "Perfectible judges" and "incorrigible judges"
1. Workpaper entries normally: a. Are posted to the general ledger accounts of one or more of the affiliates b. Are posted to the general ledger accounts only when the financial statement approach is...
Pan Corporation purchased 80 percent of the outstanding voting common stock of Sal Corporation on January 2, 2011, for $600,000 cash. Sal's balance sheets on this date and on December 31, 2011, are...
1. Peg Corporation owns a 70 percent interest in San Corporation, acquired several years ago at book value. On December 31, 2011, San mailed a check for $20,000 to Peg in part payment of a $40,000...
Ashley and Son had the following information before preparing their bank reconciliation. 1. Balance of Cash account on company's books at March 31, $6,459. 2. Balance per bank statement, dated...
Flexible Budget for Various Levels of Production Budgeted amounts for the year: Materials Labor VOH FOH 2 leather strips @ $7.00 1.5 hr. @$18.00 1.5 hr. @ $1.20 $6,800 Required: 1. Prepare a flexible...
Calculate the ratio of total sales returns to total sales for each customer who has total sales exceeding $10,000. Prepare, print, and upload a PDF of a list of all sales and sales returns for the...

The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $20,000

Question:

Ramos (40% of profits and losses). Rios (30%).. Safar (20%). Wong (10%). $ 20,000 12,000 (17,000) (deficit) (25,000) (deficit)

Step by Step Answer:

a Because Safar and Wong are personally insolvent and therefore unable to make a cash contribution t...View the full answer

Advanced Accounting

Students also viewed these Business questions