Which of the following is not an assumption to make when determining safe payments during partnership liquidation? Partners will not have deficit balances Unsold non cash assets are assumed to be worthless Liquidation expenses can exceed capital balances The partner with the highest capital balance will be the first to receive a safe payment Question 20 Identify the first step in which partnership distribution takes place: Distribution made to partners Partners with deficit balances make up balance don't owe creditors All cash is allocated to partners Assets are used to pay back creditors' claims When a partner sells their interest to another partner for cash which entity collects the cash (records an increase in cash)? the partnership the original partners the selling partner none of the answers Question 22 When acquiring a new partner using the goodwill method, depending on the situation, goodwill car be traceable to: (select all that apply) the original partners goodwill can never be recorded when incorporating a new partner the new partner Which of the following is not an assumption to make when determining safe payments during partnership liquidation? Partners will not have deficit balances Unsold non cash assets are assumed to be worthless Liquidation expenses can exceed capital balances The partner with the highest capital balance will be the first to receive a safe payment Question 20 Identify the first step in which partnership distribution takes place: Distribution made to partners Partners with deficit balances make up balance don't owe creditors All cash is allocated to partners Assets are used to pay back creditors' claims When a partner sells their interest to another partner for cash which entity collects the cash (records an increase in cash)? the partnership the original partners the selling partner none of the answers Question 22 When acquiring a new partner using the goodwill method, depending on the situation, goodwill car be traceable to: (select all that apply) the original partners goodwill can never be recorded when incorporating a new partner the new partner