The following information concerns two different

partnerships These problems should

The following information concerns two different partnerships. These problems should be
viewed as independent situations.Part AThe partnership of Ross, Milburn, and Thomas has the
following account balances:This partnership is being liquidated. Ross and Milburn are each
entitled to 40 percent of all profits and losses with the remaining 20 percent to Thomas.a. What
is the maximum amount that Milburn might have to contribute to this partnership because of the
deficit capital balance?b. How should the $19,000 cash that is presently available in excess of
liabilities be distributed?c. If the noncash assets are sold for a total of $41,000, what is the
minimum amount of cash that Thomas could receive?Part BThe partnership of Sampson,
Klingon, Carton, and Romulan is being liquidated. It currently holds cash of $9,000 but no other
assets. Liabilities amount to $24,000. The capital balances are as follows:Sampson . . . . . . . . . .
. . . . . . . . . $ 9,000Klingon . . . . . . . . . . . . . . . . . . . .(17,000)Carton . . . . . . . . . . . . . . . . . . . . .
5,000Romulan . . . . . . . . . . . . . . . . . . .(12,000)Profits and losses are allocated on the following
basis: Sampson, 40 percent, Klingon, 20 percent, Carton, 30 percent, and Romulan, 10
percent.a. If both Klingon and Romulan are personally insolvent, how much money must Carton
contribute to this partnership?b. If only Romulan is personally insolvent, how much money must
Klingon contribute? How will these funds be disbursed?c. If only Klingon is personally insolvent,
how much money should Sampson receive from theliquidation? View Solution: The following
information concerns two different partnerships These problems should
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