Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10% ; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $126,000; total liabilities, $78,000; Turner, Capital, $2,500; Roth, Capital, $14,000; and Lowe, Capital, $31,500. The liquidation resulted in a loss of $76,000. Required: a. Allocate the loss to the partners. b. Determine how much each partner should contribute to the partnership to cover any remaining capital deficiency.
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- Hello Tutor, Can I have assistance with creating the attached commomn statement using income and Balance sheet statements along with the interpreation. I would really appreciate it. using the column of difference on Balance sheet and some transactions on income to determine added or subtracted and transfer to appropriate activity (operating, investing, and financing) with numbers (NO ü). Please insert more column as you need Items 2020 2019 Difference Added Subtracted Operating Investing Financing…The purpose of preparation of profit and loss account is: a. To find out profit or loss ratio b. To find out gross profit c. To find out net profit d. To find out share of profit or loss of each partnerUnder the column Financial Statement, choose from the list of codes below, the appropriate financial statement where the accounts listed would appear. Financial Statement Code Income Statement I/S Balance Sheet B/S Statement of Owner's Equity O/E b. For the column Balance Sheet Classification, choose the appropriate balance sheet classification from the list of codes below. If the account does not belong on the balance sheet, use the code n/a. Balance Sheet Classification Code Current Assets CA Long-term Investments LTI Property, Plant and Equipment PPE Intangibles I Goodwill G Current Liabilities CL Non-Current Liabilities NCL Owner's Equity OE Not on the Balance Sheet n/a a. b. Accounts in financial statement Financial Statement Balance Sheet Classification Accumulated depreciation – furniture Interest…
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