Before the final distribution of cash, account balances are: Cash $23,000; S. Penn, Capital $19,000 (Cr.);...
Before the final distribution of cash, account balances are: Cash $23,000; S. Penn, Capital $19,000 (Cr.); L. Pattison, Capital $12,000 (Cr.); and M. Jeter, Capital $4,000 (Dr.). Jeter is unable to pay any of the capital deficiency. If the income-sharing ratios are 5 : 3 : 2, respectively, how much cash should be paid to L. Pattison?
Homework Answers
Available cash = $23,000
Jeter is unable to bring the balance required
Hence, 23,000 will be distributed between S.Penn and L.Pattison in the capital ratio
Cash paid to L = 23,000*12,000/(19,000+12,000)
= $8,903.23
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