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Which of the following is not correct with respect to an installment liquidation of a partnership? a. Partnership liabilities are paid first b. Distribution to
Which of the following is not correct with respect to an installment liquidation of a partnership? a. Partnership liabilities are paid first b. Distribution to partners are always made according to their profit sharing percentages. c. All noncash assets are assumed to be worthless. d. Partners with the greatest ability to absorb losses and expenses are the first to receive installment distributions. and In partnership bookkeeping, prior to closing, which of the following transactions are directly entered in the partnership capital accounts? a. withdrawals by the partners. b. loss by the partnership. c. admission of a new partner. d. income tax expense of the partnership
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