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Capital balances of partners after exhausting their non-cash assets are as follows: A (20%) – (54,000) U (10%) - 20,000 B (10%) – (66,000) R (10%0 – (12,000) I (20%) – 35,000 O (10%) – 10,000 N (20%) – (40,000)   _________________ 4.  Partners R,I,O and U are personally solvent. How much cash must O contribute to the partnership?

Capital balances of partners after exhausting their non-cash assets are as follows: A (20%) – (54,000) U (10%) - 20,000 B (10%) – (66,000) R (10%0 – (12,000) I (20%) – 35,000 O (10%) – 10,000 N (20%) – (40,000)   _________________ 4.  Partners R,I,O and U are personally solvent. How much cash must O contribute to the partnership?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Capital balances of partners after exhausting their non-cash assets are as follows:

A (20%) – (54,000)

U (10%) - 20,000

B (10%) – (66,000)

R (10%0 – (12,000)

I (20%) – 35,000

O (10%) – 10,000

N (20%) – (40,000)

 

_________________ 4.  Partners R,I,O and U are personally solvent. How much cash must O contribute to the partnership?

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