The partnership of Pratt, Ellis, and Mack share profits and losses in the ratio of 4:4:2, respectively. The partners voted to dissolve the partnership when its assets, liabilities, and capital were as follows: Assets Cash $ 250,000 Other assets 1,000,000 $1,250,000 Liabilities and Capital Liabilities $ 200,000 Pratt, Capital 300,000 Ellis, Capital 350,000 Mack, Capital 400,000 $1,250,000 The partnership will be liquidated over a prolonged period of time. As cash is available, it will be distributed to the partners. The first sale of noncash assets having a book value of $600,000 realized $475,000. How much cash should be distributed to each partner after this sale? a. Pratt, $90,000; Ellis, $140,000; Mack, $295,000 b. Pratt, $210,000; Ellis, $290,000; Mack, $145,000 c. Pratt, $290,000; Ellis, $210,000; Mack, $105,000 d. Pratt, $150,000; Ellis, $175,000; Mack, $200,000 11. In a partnership liquidation, the final cash distribution to the partners should be made in accordance with the: a. partners' profit and loss sharing ratio. b. balances of the partners' capital accounts. c. ratio of the capital contributions by the partners. d. ratio of capital contributions less withdrawals by the partners. 12. In an advance plan for installment distributions of cash to partners of a liquidating partnership, each partner's loss absorption potential is computed by a. dividing each partner's capital account balance by the percentage of that partner's capital account balance to total partners' capital. b. multiplying each partner's capital account balance by the percentage of that partner's capital account balance to total partners' capital. c. dividing the total of each partner's capital account less receivables from the partner plus payables to the partner by the partner's profit and loss percentage. d. some other method. 13. Under the Uniform Partnership Act a. partnership creditors have first claim (Rank I) against the assets of an insolvent partnership. b. personal creditors of an individual partner have first claim (Rank I) against the personal assets of all partners. c. partners with credit capital balances share (Rank I) the personal assets of an insolvent partner that has a debit capital balance with personal creditors of that partner. d. personal creditors of the partners of an insolvent partnership share partnership assets on a pro rata basis (Rank I) with partnership creditors. 14. During the liquidation of the partnership of Karr, Rice, and Long. Karr accepts, in partial settlement of his interest, a machine with a cost to the partnership of $150,000, accumulated depreciation of $70,000, and a current fair value of $110,000. The partners share net income and loss equally. The net debit to Karr's account (including any gain or loss on disposal of the machine) is a. $90,000. b. $100,000. c. $110,000. d. $150,000.