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

question 36

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.

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Definitions:

Impulse

In physics, the product of force and the time over which it is applied, resulting in a change in momentum.

Isotonic Contraction

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A key end-product of glycolysis that can enter the Krebs cycle or undergo fermentation in the absence of oxygen.

Lever Systems

Mechanical systems comprising a lever (rigid rod) that moves around a fixed point (fulcrum) to produce movement, utilized in describing bone and muscle actions.