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

question 42

Multiple Choice

The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet: $$\begin{array} { l l l r r } \text { Cash } & \$ 16,000 & & \text { Liabilities } & \$ 150,000 \\\text { Noncash assets } & 434,000 & & \text { Abrams, capital } & 80,000 \\& & & \text { Bartle, capital } & 90,000 \\& & & \text { Creighton, capital } & 130,000 \\\text { Total } & \underline { \$ 450,000 } & & \text { Total } & \$ 450,000 \\\hline \hline\end{array}$$
Abrams, Bartle, and Creighton share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $12,000.
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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