Exercise 12-14 (Algo) Liquidation of limited partnership LO P5 Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners. Lowe is a limited partner, meaning any remaining deficiency in Lowe's capital account is covered by Turner and Roth. Determine how much, if any, each partner should contribute to the partnership to cover any remaining capital deficiency Note: Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign. Capital balances after gains (losses) Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Allocation of Lowe's Deficit to Turner and Roth Allocation of Lowe's deficit to Tumer and Roth Capital balances after deficit allocation Amount to be repaid to partnership Turner $ Turner $ 5,300 0 Roth $ Roth S 15.400 Total $ 32.900 $ 53,600 Lowe Lowe $ S $ 0 53,600 Total 0 0
Exercise 12-14 (Algo) Liquidation of limited partnership LO P5 Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners. Lowe is a limited partner, meaning any remaining deficiency in Lowe's capital account is covered by Turner and Roth. Determine how much, if any, each partner should contribute to the partnership to cover any remaining capital deficiency Note: Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign. Capital balances after gains (losses) Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Allocation of Lowe's Deficit to Turner and Roth Allocation of Lowe's deficit to Tumer and Roth Capital balances after deficit allocation Amount to be repaid to partnership Turner $ Turner $ 5,300 0 Roth $ Roth S 15.400 Total $ 32.900 $ 53,600 Lowe Lowe $ S $ 0 53,600 Total 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
D1.
Account
![ces
Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
Turner, Roth, and Lowe are partners who share income and loss in a 2:3.5 ratio (in percents: Turner, 20%; Roth, 30%; and
Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance
sheet shows total assets, $159,600; total liabilities, $106,000: Turner, Capital, $5,300, Roth, Capital, $15,400; and Lowe,
Capital, $32,900. The liquidation resulted in a loss of $95,600
Exercise 12-14 (Algo) Liquidation of limited partnership LO P5
Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners. Lowe is a limited
partner, meaning any remaining deficiency in Lowe's capital account is covered by Turner and Roth. Determine how much, if any, each
partner should contribute to the partnership to cover any remaining capital deficiency
Note: Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.
Capital balances after gains (losses)
Initial capital balances
Allocation of gains (losses)
Capital balances after gains (losses)
Allocation of Lowe's Deficit to Turner and Roth
Allocation of Lowe's deficit to Turner and Roth
Capital balances after deficit allocation
Amount to be repaid to partnership
Turner
$
Tumer
$
5,300
0
Roth
$
Roth
$
15,400
0
Lowe
$
Lowe
Total
32.900 $ 53,600
S
S
S
10
53,600
Total
0
10](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F614d5e2e-8a04-4ef9-a31d-d2f8fb345e7f%2F75179fb2-7e4b-4e7b-bd31-d9bdd54e639d%2Fkv4gvs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ces
Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
Turner, Roth, and Lowe are partners who share income and loss in a 2:3.5 ratio (in percents: Turner, 20%; Roth, 30%; and
Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance
sheet shows total assets, $159,600; total liabilities, $106,000: Turner, Capital, $5,300, Roth, Capital, $15,400; and Lowe,
Capital, $32,900. The liquidation resulted in a loss of $95,600
Exercise 12-14 (Algo) Liquidation of limited partnership LO P5
Assume that the Turner, Roth, and Lowe partnership is a limited partnership. Turner and Roth are general partners. Lowe is a limited
partner, meaning any remaining deficiency in Lowe's capital account is covered by Turner and Roth. Determine how much, if any, each
partner should contribute to the partnership to cover any remaining capital deficiency
Note: Do not round intermediate calculations. Losses and deficits amounts to be deducted should be entered with a minus sign.
Capital balances after gains (losses)
Initial capital balances
Allocation of gains (losses)
Capital balances after gains (losses)
Allocation of Lowe's Deficit to Turner and Roth
Allocation of Lowe's deficit to Turner and Roth
Capital balances after deficit allocation
Amount to be repaid to partnership
Turner
$
Tumer
$
5,300
0
Roth
$
Roth
$
15,400
0
Lowe
$
Lowe
Total
32.900 $ 53,600
S
S
S
10
53,600
Total
0
10
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