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 holds cash...

60.1K

Verified Solution

Question

Accounting

The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $21,200 but no other assets. Liabilities amount to $32,500. The capital balances are
Ramos (40% of profits and losses) $ 38,700
Rios (30%)27,000
Safar (10%)(36,000)(deficit)
Wong (20%)(41,000)(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?

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

2H2S (g) = 2H2 (g) + S2 (g) When heated hydrogen sulfide gas decomposes according to the equation...

Chemistry
Q

i. Identify the conic whose equation is 11x2 + 24 xy + 4y2 ? 15 =...

Advance Math
Q

Elena collects 112 specimens of beetle and records their lengths for an ecology research project....

Basic Math
Q

An arithmetic sequence is given below.-8,-6,-4, -2,0-8 is the first number in the sequence and...

Basic Math
Q

In an experiment where a pair of indistinguishable dice is thrown and the numbers facing...

Algebra
Q

Question 8 y Write an equation for a line parallel to y 3x 1 and...

Algebra
Q

How are gains and losses resulting from the sale of listed personal...

Accounting
Q

prepare a statement of profit or loss and a properly classified statement of financial position...

Accounting
Q

Ineed take out 7 elements of this paragraph this is elements ...

Accounting
Q

In 2021 Kevin used two sets of books. When completing his Federal income tax return...

Accounting
Q

The Thompson Corporation, a manufacturer of steel products, began operations on October 1,2022. The accounting...

Accounting
Q

Explain, with an example, the sharing of profits and losses in a limited partnership.

Accounting