The Abrams, Bartle, and Creighton Partnership Began the Process of Liquidation

The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet: $$\begin{array} { l l l r r } \text { Cash } & \$ 16,000 & & \text { Liabilities } & \$ 150,000 \\\text { Noncash assets } & 434,000 & & \text { Abrams, capital } & 80,000 \\& & & \text { Bartle, capital } & 90,000 \\& & & \text { Creighton, capital } & 130,000 \\\text { Total } & \underline { \$ 450,000 } & & \text { Total } & \$ 450,000 \\\hline \hline\end{array}$$
Abrams, Bartle, and Creighton share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $12,000.
The noncash assets were sold for $134,000. Which partner(s) would have had to contribute assets to the partnership to cover a deficit in his or her capital account?

A) Abrams.
B) Bartle.
C) Creighton.
D) Abrams and Creighton.
E) Abrams and Bartle.

Correct Answer:

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