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

question 40

Multiple Choice

The Abrams,Bartle,and Creighton partnership began the process of liquidation with the following balance sheet: $\begin{array}{lrlr}\text { Cash } & \$ 16,000 & \text { Liabilities } & \$ 150,000 \\\text { Noncash assets } & 434,000 & \text { Abrams, capital } & 80,000\\&&\text { Bartle, capital } & 90,000 \\&&\text { Creighton, capital } & 130,000 \\\text { Total }&\$450,000&\text { Total } & \$ 450,000\end{array}$ 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:

Substitute Products

Goods or services that can be used in place of another, offering consumers alternatives based on preference, price, or availability.

Complementary Products

Goods or services that are used together, enhancing the value or utility of each other.

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Devices designed to play Blu-ray discs, which offer high-definition video and high-quality audio.

Break-Even Point

The production level or sales volume at which total revenues equal total expenses, resulting in neither profit nor loss.