The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $22,600 but no other assets. Liabilities amount to $51,400. The capital balances are Ramos (40% of profits and losses) Rios (40%) Safar (10%) Wong (10%) 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? Note: For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount. a. b-1 b-2. b-2. b-2. $ 18,200 25,000 (36,000) (deficit) (36,000) (deficit) C. Rio's contribution Safar contribution Creditors Ramos Rios Ramos should receive.

The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $22,600 but no other assets. Liabilities amount to $51,400. The capital balances are Ramos (40% of profits and losses) Rios (40%) Safar (10%) Wong (10%) 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? Note: For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount. a. b-1 b-2. b-2. b-2. $ 18,200 25,000 (36,000) (deficit) (36,000) (deficit) C. Rio's contribution Safar contribution Creditors Ramos Rios Ramos should receive.

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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