The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash...
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Accounting
The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash of $21,200 but no other assets. Liabilities amount to $32,500. The capital balances are
Anderson (40% of profits and losses) $ 38,700
Berry (30%) 27,000
Hammond (10%) (36,000 ) (deficit)
Winwood (20%) (41,000 ) (deficit)
a. If both Hammond and Winwood are personally insolvent, how much money must Berry contribute to this partnership?
b-1. If only Winwood is personally insolvent, how much money must Hammond contribute?
b-2. If only Winwood is personally insolvent, how will Hammond's contribution (funds) be disbursed?
c. If only Hammond is personally insolvent, how much money should Anderson receive from the liquidation?
A. Berry's Contribution 6,000
B-1 Hammond's Contribution ??
B-2 Creditors 11,300
Anderson ??
Berry ??
C. Anderson should recieve???
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