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The Partners' Income and Loss Sharing Ratio Is 2:3:5, Respectively

Question 111

Multiple Choice

The partners' income and loss sharing ratio is 2:3:5, respectively. The partners' income and loss sharing ratio is 2:3:5, respectively.   If the Cindi, Jenni, and Becki Partnership is liquidated and the noncash assets are worthless, the creditors will look to what partner's personal assets for settlement of the creditors' claims? A)  The personal assets of Partner Jenni. B)  The personal assets of Partners Cindi and Becki. C)  The personal assets of Partners Cindi, Jenni, and Becki. D)  The personal assets of the partners are not available for partnership debts. If the Cindi, Jenni, and Becki Partnership is liquidated and the noncash assets are worthless, the creditors will look to what partner's personal assets for settlement of the creditors' claims?


A) The personal assets of Partner Jenni.
B) The personal assets of Partners Cindi and Becki.
C) The personal assets of Partners Cindi, Jenni, and Becki.
D) The personal assets of the partners are not available for partnership debts.

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