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

question 8

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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