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ABC partnership is being liquidated. Partners share profits and losses equally. Beginning balances were as illustrated in the table below. Assume all non-cash assets were sold for $75,000. Partnership liabilities were settled. Partners with deficit capital balances were not able to contribute any cash to settle their deficits.

12. What is the change in Partner Cs capital as a result of the sale of assets?

a. Increase $15,000 b. Decrease $15,000 c. Increase $5,000 d. Decrease $5,000

13. What is Partner Bs capital balance after the sale of assets and settlement of liabilities? a. $(15,000) deficit b. $(20,000) deficit c. $(10,000) deficit d. $(30,000) deficit

14. How much cash does each partner receive at the end of the liquidation? a. A: $27,000, B: $20,000, C: $13,000. b. A: $27,000, B: $ $0, C: $13,000. c. A: $10,000, B: $0, C: $10,000. d. None of these.

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Ch 14 Review Questions.pdf: Tall X > Ch 14 Review Questions.pdf X + C O File Users/1bith/Downloads/C4%2014%20Revicw%20Questions.pdf ADP @ * = Ch 14 Review Questions.pdf 5/7 139% + ABC partnership is being liquidated. Partners share profits and losses equally. Beginning balances were as illustrated in the table below. Assume all non-cash assets were sold for $75,000. Partnership liabilities were settled. Partners with deficit capital balances were not able to contribute any cash to settle their deficits. Cash Liabilities A's Capital B's Capital C's Capital Non-Cash Assets $0 $90,000 $55,000 $32,000 $(15,000) $18,000 Beginning balances