After Selling All the Assets and Paying the Liabilities in a Liquidation

question 93

True/False

After selling all the assets and paying the liabilities in a liquidation of a partnership,the partners share any remaining cash according to the stated ratios.

---

Definitions:

Crown Gear Hub

A central part of a crown gear, connecting the gear to a shaft or other mounting mechanism.

Steering Knuckles

Pivot points in a vehicle's suspension system that connect the wheel hubs to the suspension and steering components, allowing wheels to turn.

Steer Axle

The front axle of a vehicle, which is connected to the steering mechanism, allowing the driver to control the vehicle's direction.