Question: How do you solve these step-by-step? Turner Roth, and Lowe are partners who share income and loss in a 2:3.5 ratio (in percents: Turner, 20%,

How do you solve these step-by-step?
How do you solve these step-by-step? Turner Roth, and Lowe are partners

Turner Roth, and Lowe are partners who share income and loss in a 2:3.5 ratio (in percents: Turner, 20%, Roth, 30%, and Lowe, 509). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance cheet shows total assets. $138.000 total liabilities, $88.000Tumer, Capital , $3.500 Roth, Copital. $14.500 and Lowe. Capital $32,000. The liquidation resulted in a loss of $83,000, Exercise 12-14 (Algo) Liquidation of limited partnership LO P5 Assume that the Turner. Roth and Lowe partnership is a limited partnership. Turner and Roth are general partners. Lowe is a limited partner, meaning any remaining deficiency in Lowe's capital account is covered by Turner and Roth. Determine how much, if any, each partner should contribute to the partnership to cover any remaining capital deficiency. (Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.) Capital balances atter gains (losses Turner $ 3,500 Roth s 14.500 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Lowe Total $ 32,000 $ 50.000 0 $ 50,000 Allocation of Lowe's Deficit to Turner und Roth Turner Roth Lowe Total Allocation of Lowe's deficit to Turer and Roth $ 0 S 0 Capital balances after deficit allocation Amount to be repaid to partnership $ $ 0 0

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