! Required information [The following information applies to the questions displayed below.] 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. Complete this question by entering your answers in the tabs below. Required A Required B Allocate the loss to the partners. Note: Losses and deficits should be indicated with a minus sign. Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Turner $ 1/10 2,500 Roth $ 14,000 Lowe S 31,500 $ Total 48,000 0
! Required information [The following information applies to the questions displayed below.] 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. Complete this question by entering your answers in the tabs below. Required A Required B Allocate the loss to the partners. Note: Losses and deficits should be indicated with a minus sign. Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Turner $ 1/10 2,500 Roth $ 14,000 Lowe S 31,500 $ Total 48,000 0
Chapter21: Partnerships
Section: Chapter Questions
Problem 11BCRQ
Related questions
Question
![!
Required information
[The following information applies to the questions displayed below.]
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.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Allocate the loss to the partners.
Note: Losses and deficits should be indicated with a minus sign.
Initial capital balances
Allocation of gains (losses)
Capital balances after gains (losses)
Turner
$
1/10
2,500
Roth
$
14,000
Lowe
$
Total
31,500 $
48,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6624f8de-2dcc-46b1-8ea2-b740df52ef7a%2F032d9f42-53e5-4e0b-a2ba-05dbbcc23e7d%2Fv23xlf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
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.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Allocate the loss to the partners.
Note: Losses and deficits should be indicated with a minus sign.
Initial capital balances
Allocation of gains (losses)
Capital balances after gains (losses)
Turner
$
1/10
2,500
Roth
$
14,000
Lowe
$
Total
31,500 $
48,000
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