How much of the remaining $20,500 liability should be paid, Accounting Basics

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How much of the remaining $20,500 liability should be paid

Brewster, Conway, and Ogden are partners who share income and loss in a 1:5:4 ratio. Brewster and Conway are general partners and Ogden is a limited partner. After lengthy disagreements among the partners and several unprofitable periods, the partners decide to liquidate the partnership. Immediately before liquidation, the partnership balance sheet shows total assets, $117,000; total liabilities, $87,750; Brewster, Capital, $1,600; Conway, Capital, $11,600; and Ogden, Capital, $16,050. The cash proceeds from selling the assets were sufficient to repay all but $20,500 to the creditors.

Required:
How much of the remaining $20,500 liability should be paid by each partner?

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Accounting Basics: How much of the remaining $20,500 liability should be paid

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Immediately before liquidation, the partnership balance sheet shows total assets, $117,000; total liabilities, $87,750; Brewster, Capital, $1,600; Conway, Capital, $11,600; and Ogden, Capital, $16,050. The cash proceeds from selling the assets we

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Accounting Basics: How much of the remaining $20,500 liability should be paid

Reference No:- TGS083641

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Accounting Basics: How much of the remaining $20,500 liability should be paid

Reference No:- TGS083641

Recent Questions Asked Accounting Basics

Q : Assigned the rest of the excess fair value over book value

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Q : How much of the remaining $20,500 liability should be paid

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