Exercise 16-7 Select the best answer for each of the following items: In accordance with the marshaling of assets provision of the Uniform Partnership Act, rank the following liabilities of a partnership in order of payment. (1) (2) (3) (4) $20,000 loan from B. Barry who is a partner. $30,000 of profits from the last year of operations. $3,000 payable to a supplier. $100,000 in capital balances of the partners. 3,1,4,2. 3,1,2,4. 2,3,4,1. 4,2,1,3. LINK TO TEXT LINK TO TEXT Personal assets are first allocated to partnership creditors and then to personal creditors. This statement is false. True if partner has debit balance in his/her capital account. This statement is true. LINK TO TEXT LINK TO TEXT The following condensed balance sheet is presented for the partnership of Lisa, Lori, and Lucy, who share profits and losses in the ratio of 5:3:2, respectively: Cash Other Assets $80,000 280,000 Liabilities Lisa, Capital Lori, Capital Lucy, Capital Total $140,000 100,000 100,000 20,000 $360,000 Total $360,000 The partners agreed to liquidate the partnership after selling the other assets. If the other assets are sold for $160,000, how much should Lisa receive upon liquidation? $37,500 $38,500 $40,000 $100,000