The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $21,200 but no other assets. Liabilitiesamount to $32,500. The capital balances areRamos (40% of profits and losses)Rios (30%)Safar (10%)Wong (20%)a.b-1b-2.b-2.b-2.Required:a. If both Safar and Wong are personally insolvent, how much money must Rios contribute to the partnership?b-1. If only Wong is personally insolvent, how much money must Safar contribute to the partnership?b-2. If only Wong is personally insolvent, how will Safar's contribution (funds) be distributed?c. If only Safar is personally insolvent, how much money should Ramos receive from the liquidation?Note: For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount.C.$ 38,70027,000(36,000)(41,000)Rio's contributionSafar contributionCreditorsRamosRiosRamos should receive(deficit)(deficit)

Partnership refers to the arrangement between two or more than two partners where the partners agree…

The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $21,200 but no other assets. Liabilities amount to $32,500. 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? a. b-1 b-2. b-2. b-2 $ 38,700 27,000 (36,000) (41,000) 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. (deficit) (deficit) 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 $21,200 but no other assets. Liabilities amount to $32,500. 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? a. b-1 b-2. b-2. b-2 $ 38,700 27,000 (36,000) (41,000) 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. (deficit) (deficit) 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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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%) 1. -1 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? ote: For all requirements, do not round intermediate calculations. Round your answers to the nearest whole dollar amount. -2. 2 $ 23,700 16,000 (18,000) (24,000) Rio's contribution Safar contribution Creditors Ramos Rios Ramos should receive (deficit). (deficit)
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The partnership of Ramos, Rios, Safar, and Wong is being liquidated. It currently holds cash of $21,800 but no other assets. Liabilities amount to $55,400. The capital balances are Ramos (40% of profits and losses) Rios (208) Safar (20%) Wong (20%) Required: $ 26,400 24,000 (40,000) (deficit) (44,000) (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. * Answer is complete but not entirely correct. a. Rio's contribution $ 66,000 b-1 Safar contribution $ (40,000) b- Creditors $ 21,800x 2. b- Ramos $ 66,000 2.…
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