Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the partnership of ramos, rios, safar, and wong is

The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently...

70.2K

Verified Solution

Question

Accounting

The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $21,800 but no other assets. Liabilities amount to $55,400. The capital balances are
\table[[Ramos of profits and losses),$26,400,],[Rios (208),24,000,],[Safar (208),(40,000)(deficit),],[Wong (208),(44,000)(deficit),]]
Required:
a. If both Safar and Wong are personally insolvent, how much money must Rios contribute to the partnership?
b-1. If only Wong is personally insolvent, how much money must Safar contribute to the partnership?
b-2. If only Wong is personally insolvent, how will Safar's contribution (funds) be distributed?
c. If only Safar is personally insolvent, how much money should Ramos receive from the liquidation?
Note: For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount.
Answer is complete but not entirely correct.
\table[[a.,Rio's contribution,$,66,000
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The following data set provides information on the lottery sales, proceeds, and prizes by year in...

Advance Math
Q

Discuss Ambivalent Sexism theory and in doing so describe the beliefs contributing to this type of...

Psychology
Q

In your own words, explain integrated marketing communications and why it is important. Describe the four...

General Management
Q

24 The instant at which a bulb is switched on its power is maximum then...

Physics
Q

Textbook Videos Use Newton s method to approximate a root of the equation 227 7...

Calculus
Q

Write a summary of 2 pages on below topic:Strategies for managing organizational behaviour.

Accounting
Q

Mastering Payroll 2020 - Section 10- PAYROLL ENTRIES 1. On February 13, ABC Corporation...

Accounting
Q

complete all requirements The Everlasting Balloon Company produces party balloons that are sold...

Accounting
Q

Mpima Inv values, advertises and sells residential property on behalf of its customers. The company...

Accounting
Q

Macee Department Store has three departments, and it conducts advertising campaigns that benefit all departments....

Accounting
Q

balance per books as of june 30 $8600 outstanding checks $820 ...

Accounting
Q

19. Calculating the Cost of Equity Ginger Industries stock has a beta of 1.08 ....

Finance