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How much money must hammond contribute

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Problem - The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash of $20,000 but no other assets. Liabilities amount to $32,400. The capital balances are

Anderson (30% of profits and losses) - $ 21,600

Berry (30%) - 23,000

Hammond (20%) - (20,000) (deficit)

Winwood (20%) - (37,000) (deficit)

a. If both Hammond and Winwood are personally insolvent, how much money must Berry contribute to this partnership?

b-1. If only Winwood is personally insolvent, how much money must Hammond contribute?

b-2. If only Winwood is personally insolvent, how will Hammond's contribution (funds) be disbursed?

c. If only Hammond is personally insolvent, how much money should Anderson receive from the liquidation?

Reference no: EM131751109

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