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

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.
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:

ANOVA

A statistical method used to compare means of three or more samples to find out if at least one sample mean is different from the others.

Gender

A social construct that relates to the roles, behaviors, activities, and attributes that a given society considers appropriate for men, women, and other gender identities.

Self-rated Happiness

An individual's subjective assessment of their own happiness and well-being.

ANOVA Model

Short for Analysis of Variance, a statistical model used to compare the means of three or more samples to determine if at least one of the sample means significantly differs from the others.