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

question 58

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:

Secondary Phloem

The plant's vascular system that moves sugars and other substances produced during metabolism from the leaves downward.

Secondary Xylem

Secondary xylem refers to the plant tissue responsible for water transportation and structural support, developed after the primary xylem.

Lateral Roots

Secondary roots that grow laterally from the primary root, enhancing the plant's ability to absorb water and nutrients.

Pericycle

A layer of cells in plant roots, located just inside the endodermis, involved in the formation of lateral roots and sometimes contributing to secondary growth.