A partnership has liquidated all assets but still reports the following account balances for its partners: Beck, loan $ 9,000 Cisneros, capital (40%) 5,700 Beck, capital (20%) (12,900 ) (deficit) Sadak, capital (10%) (8,900 ) (deficit) Emerson, capital (20%) 12,000 Page, capital (10%) (6,900 ) (deficit) The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent; and Page 10 percent. Assuming that Cisneros, Beck, and Page are personally insolvent, how much cash must Sadak now contribute to this partnership? (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.)
A partnership has liquidated all assets but still reports the following account balances for its partners: Beck, loan $ 9,000 Cisneros, capital (40%) 5,700 Beck, capital (20%) (12,900 ) (deficit) Sadak, capital (10%) (8,900 ) (deficit) Emerson, capital (20%) 12,000 Page, capital (10%) (6,900 ) (deficit) The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent; and Page 10 percent. Assuming that Cisneros, Beck, and Page are personally insolvent, how much cash must Sadak now contribute to this partnership? (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A
| Beck, loan | $ | 9,000 | ||
| Cisneros, capital (40%) | 5,700 | |||
| Beck, capital (20%) | (12,900 | ) | (deficit) | |
| Sadak, capital (10%) | (8,900 | ) | (deficit) | |
| Emerson, capital (20%) | 12,000 | |||
| Page, capital (10%) | (6,900 | ) | (deficit) | |
The partners split
Assuming that Cisneros, Beck, and Page are personally insolvent, how much cash must Sadak now contribute to this partnership? (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.)
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