Which of the following statements is correct?

Group of answer choices

a. Partnership creditors have first claim on personal assets.

b. Partnership creditors have first claim on partnership assets.

c. Partnership creditors have first claim on partnership assets; and partnership creditors have first claim on personal assets

d. Personal creditors have first claim on partnership assets.

2. The first step in the liquidation process is to:

Group of answer choices

a. Convert noncash assets into cash.

b. Pay partnership creditors

c. Pay partnership creditors

d. Compute any net income (loss) up to the date of dissolution

An advance cash distribution plan is prepared:

Group of answer choices

a. none of these

b. each time cash is distributed to partners in an installment liquidation.

c. to determine the order and amount of cash each partner will receive as it becomes available for distribution.

d. each time a partnership asset is sold in an installment liquidation.