The Abrams,Bartle,and Creighton partnership began the process of liquidation with the following balance sheet:
Abrams,Bartle,and Creighton share profits and losses in a ratio of 3:2:5.Liquidation expenses are expected to be $12,000.
After the liquidation expenses of $12,000 had been paid and the noncash assets sold,Creighton had a deficit of $8,000.For what amount were the noncash assets sold?

Question

The Abrams,Bartle,and Creighton partnership began the process of liquidation with the following balance sheet: 
Abrams,Bartle,and Creighton share profits and losses in a ratio of 3:2:5.Liquidation expenses are expected to be $12,000.
After the liquidation expenses of $12,000 had been paid and the noncash assets sold,Creighton had a deficit of $8,000.For what amount were the noncash assets sold?

Quizplus · Accepted Answer

The Answer of The Abrams,Bartle,and Creighton partnership began the process of liquidation with the following balance sheet: 
Abrams,Bartle,and Creighton share profits and losses in a ratio of 3:2:5.Liquidation expenses are expected to be $12,000.
After the liquidation expenses of $12,000 had been paid and the noncash assets sold,Creighton had a deficit of $8,000.For what amount were the noncash assets sold?

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