A Partnership Has Liquidated All Assets But Still Reports The Following Account

A partnership has liquidated all assets but still reports the following account balances:

     Beck, loan  $8,000  

Cisneros, capital (40%) 5,000 

 Beck,     capital (20%) (12,000)(deficit)

Sadak,    capital (10%) (8,000)(deficit)

Emerson, capital (20%) 13,000  

Page,     capital (10%) (6,000)(deficit)

The partners split profits and losses as follows: Cisneros, 40 percent; Beck, 20 percent; Sadak, 10 percent; Emerson, 20 percent; and Page 10 percent.

Assuming that all partners are personally insolvent except for Sadak and Emerson, how much cash must Sadak now contribute to this partnership? (Do not round intermediate calculations. Round the final answer to nearest dollar amounts.)

"Order a similar paper and get 100% plagiarism free, professional written paper now!"

Order Now