Chapter 14 Take Home Quiz 1.25 / 1.25 pts Question 6 A partner's Maximum Loss Absorbable is calculated by dividing the partner's capital by their percentage of ownership (i.e., interest) in the partnership. True False Question 7 1.25 / 1.25 pts A schedule of safe payments is prepared under the assumption that any remaining non-cash assets are worthless. None of these assumptions is correct. Both of these assumptions are correct. partners who have deficit capital balances will only be able to partially settle their deficits.- X C Question 8 Chapter 14 Take Home Quiz Partners A and B share profits and losses equally and have capital balances of $50,000 and $70,000 respectively. Partner C is admitted and acquired a 30 percent interest in the capital of the new partnership by investing $60,000 in cash. What is the new capital balance of Partner B after admitting the new partner assuming the partners agreed to revalue the assets of the A & B partnership? 80,000 Question 9 1.25 / 1.25 pts When there are unsatisfied partnership creditors during liquidation, the Revised Uniform Partnership Act (RUPA) determines which general partners can be asked to pay first (that is, determines the order in which unsatisfied creditors can seek payment from the different general partners). True False Question 10 1.25 / 1.25 pts When accounting for the admission of a new partner under the bonus method, the original partners capital may decrease as a result of_ An asset write-down. Both of these