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Required information Use the following information for the Exercises below. (Algo) Skip to question ...

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Accounting

Required information

Use the following information for the Exercises below. (Algo)

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[The following information applies to the questions displayed below.] 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, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $128,400; total liabilities, $80,000; Turner, Capital, $2,700; Roth, Capital, $14,100; and Lowe, Capital, $31,600. The liquidation resulted in a loss of $77,400.

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 Lowes 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.)

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