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

question 9

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. After the liquidation expenses of $12,000 were paid and the noncash assets sold, Creighton had a deficit of $8,000. For what amount were the noncash assets sold?

• A)$170,000.
• B)$264,000.
• C)$158,000.
• D)$146,000.
• E)$185,000.

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Definitions:

General Adaptation Syndrome

A three-phase process that describes the physiological changes the body goes through when under stress: alarm, resistance, and exhaustion.

Constructive Coping

Strategies that are adaptive and help individuals deal with stress in healthy ways, leading to problem resolution.

Selye's General Adaptation Syndrome

A model outlining the process the body undergoes when responding to stress, including the stages of alarm, resistance, and exhaustion, identified by endocrinologist Hans Selye.

Base Rate

The underlying or inherent rate or frequency of an event or attribute in a general population.