Question
The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet: Cash 16,000 Noncash asset 434,000 Total- 450,000 Liability-150000 Abrams-80,000
The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet: Cash 16,000 Noncash asset 434,000 Total- 450,000 Liability-150000 Abrams-80,000 Bartle- 90,000 Creighton-130,000 total- 450,000 Abrams, Bartle, and Creighton share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $12,000. The non cash assets were sold for 134,000. Which partner would have to contiribute assets to the partnership to cover a deficit in his or her capital account?
D. the answer is Abrams and Creighton- can someone explain how
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