The Abrams, Bartle, and Creighton Partnership Began the Process of Liquidation

question 37

Multiple Choice

The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet: Abrams, Bartle, and Creighton share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $12,000. The noncash assets were sold for $134,000. Which partner(s) would have had to contribute assets to the partnership to cover a deficit in his or her capital account?

• A)Abrams.
• B)Bartle.
• C)Creighton.
• D)Abrams and Creighton.
• E)Abrams and Bartle.

Learn the key standards and organizations that govern technical drawing conventions.

Recognize different types of drawings, including pictorial and orthographic projections.

Understand how dimensions and shapes are accurately represented and described in technical drawings.

Understand the concept of scale in drawings and its applications.

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Definitions:

Interest-Bearing Note

A debt instrument that pays interest at a predetermined rate to the holder, typically issued in exchange for a loan or credit extended to the borrower.

Maturity Value

The amount that is due at the maturity or due date of a note.

Interest Rate

The percentage of a sum of money charged for its use, often expressed as an annual percentage rate.

Allowance Method

An accounting technique that estimates and sets aside a portion of accounts receivable which may not be collectible.