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

question 71

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:

Intertidal Zone

The area along coastlines that is exposed to air at low tide and submerged at high tide, with a unique set of organisms adapted to its conditions.

Niches

The role or position that an organism or population occupies within an ecosystem, encompassing everything that affects its survival and reproduction.

Parasitism

A relationship between two organisms where one benefits at the expense of the other, often without killing it outright.

Commensalism

A type of symbiotic relationship where one organism benefits while the other is neither helped nor harmed.