2 has a deficit capital account balance, that partner is lepal 7) required to: A

Question

2 has a deficit capital account balance, that partner is lepal 7) required to: A) Deliver a note payable to the parnership with specific payment terms Initiate legal e cash to the partnership D) Declare E) None of these balance answer choices are correct. The partner has no legal responsibility to cover the capital deficit and Creighton partnership began the process of liquidation with the following balance sheet Cre The Abrams, Bartle, 16,000 150,000 S Cash Liabilities Noncash assets 434,000 80,000 90,000 130,000 Bartle, capital Creighton, capital Total 450,000 S 450,000 $12,000. 8) If the noncash assets were sold for $234,000, what amount of the loss would have been allocated to Bartle with Abrams, Bartle, and Creighton share profits and losses in a ratio of 3.2.5. Liquidation expenses are expected to be 8) respect to the noncash assets? E)S40.000. C)$42,400. D) S43.200. 9) Assuming that the noncash assets were sold for $134,000, which partner(s) would have been required to contribute assets to the partnership to cover a deficit in his or her capital account, prior to considering the liquidation expenses incurred? 9) A)S46,800. B)$43,100 A) Abrams B) Abrams and Bartle C) Bartle. D) Abrams and Creighton E) Creightorn. 10) The Govemmental Accounting Standards Board (GASB) requires state and local governments to prepare two sets of financial statements which include: 10) A) GAAP-based financial statements and govenment-wide financial statements. B) Statement of net assets and statement of cash flows. C) Fund financial statements and proprietary financial statements. D) Fund financial statements and government-wide financial statements. E) Proprietary financial statements and fund- based financial statements

Explanation / Answer

7 Non-Cash Assets BV $434,000 - Cash Received $234,000 = Loss on Non-Cash Assets ($200,000) × 20% = Loss to Bartle ($40,000) Ans: E 40000 8. C. contribute cash to the partnership. 9 D.. Abrams and Creighton 10. D fund financial statement and government-wide financial statement

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