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11. Partner Xiao is insolvent, having no personal assets and owes $50,000 to his personal creditors. Xiao is a partner with Williams and Zellin and the partnership balance sheet is as follows: Partnership Balance Sheet Cash $240,000 Liabilities $150,000 Xiao Capital 20,000 Williams Capital 30,000 Zellin Capital 40,000 How much can Xiao's personal creditors claim against partnership cash a. $20,000 b. $50,000 c. $90,000 d. $150,000 e. $240,000 12. Foot and Shoe organize a partnership and agree both will begin with equal capital balances. Foot contributes fixed assets with a fair value of $80,000. Shoe contributes inventory with a fair value of $20,000 and his expertise. It is decided that they will use the goodwill method to account for the partners capital. How much is the total goodwill to be recorded by the partnership. a. 0 b. $20,000 c. $40,000 d. $60,000 e. $100,000