1. Business
  2. Accounting
  3. a partnership has liquidated all assets but still reports the...

Question: a partnership has liquidated all assets but still reports the...

Question details

A partnership has liquidated all assets but still reports the following account balances:

Beck, loan $ 6,000
Cisneros, capital (40%) 3,600
Beck, capital (20%) (13,200 ) (deficit)
Sadak, capital (10%) (9,200 ) (deficit)
Emerson, capital (20%) 18,000
Page, capital (10%) (7,200 ) (deficit)

The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent; and Page 10 percent.

Assuming that all partners are personally insolvent except for Sadak and Emerson, how much cash must Sadak now contribute to this partnership? (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.)

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution