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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.) Sadak contribution

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.) Sadak contribution

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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A partnership has liquidated all assets but still reports the following account balances for its partners: Beck, loan Cisneros, capital (40%) Beck, capital (20%) Sadak, capital (10%) Emerson, capital (20%) Page, capital (10%) $ 8,000 5,000 (12,000) (deficit) (8,000) (deficit) 13,000 (6,000) (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.) Sadak contribution
Transcribed Image Text:A partnership has liquidated all assets but still reports the following account balances for its partners: Beck, loan Cisneros, capital (40%) Beck, capital (20%) Sadak, capital (10%) Emerson, capital (20%) Page, capital (10%) $ 8,000 5,000 (12,000) (deficit) (8,000) (deficit) 13,000 (6,000) (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.) Sadak contribution
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