The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $20,300 but no other assets. Liabilities amount to $22,600. The capital balances are Ramos (40% of profits and losses) Rios (30%) Safar (10%) Wong (20%) 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? ote: For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount. -1 2 2. 2. Rio's contribution Safar contribution Creditors, Ramos $ 23,700 16,000 (18,000) (deficit) (24,000) (deficit) Rios Ramos should receive

The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $20,300 but no other assets. Liabilities amount to $22,600. The capital balances are Ramos (40% of profits and losses) Rios (30%) Safar (10%) Wong (20%) 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? ote: For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount. -1 2 2. 2. Rio's contribution Safar contribution Creditors, Ramos $ 23,700 16,000 (18,000) (deficit) (24,000) (deficit) 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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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%) a. b-1 b-2 b-2. b-2. 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. C. Rio's contribution Safar contribution Creditors Ramos $ 18, 200 25,000 (36,000) (36,000) Rios Ramos should receive (deficit) (deficit)
The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $20,900 but no other assets. Liabilities amount to $29,300. The capital balances are Ramos (30% of profits and losses) Rios (30%) Safar (20%) Wong (20%) Required: $ 26,600 27,000 (22,000) (40,000) (deficit) (deficit) 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. Rio's contribution b-1 Safar contribution b-2. Creditors b-2. Ramos b-2. Rios C. Ramos should receive
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