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What minimum amount of cash that hendrick could receive

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Reference no: EM132161853

Question - The partnership of Hendrick, Mitchum, and Redding has the following account balances:

Cash

$57,000

Liabilities

$36,000

Noncash assets

142,000

Hendrick, capital

108,000

 

 

Mitchum, capital

77,000

 

 

Redding, capital

(22,000)

This partnership is being liquidated. Hendrick and Mitchum are each entitled to 40 percent of all profits and losses with the remaining 20 percent going to Redding.

a. What is maximum amount that Redding might have to contribute to this partnership because of the deficit capital balance?

b. How should the $21,000 cash that is presently available in excess of liabilities be distributed?

c. If the noncash assets are sold for a total of $57,000, what is the minimum amount of cash that Hendrick could receive?

Reference no: EM132161853

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