Reference no: EM132787843

Problem 1: The cash available for distribution to partners in an installment liquidation could be equal to the

a. Cash available after realization of non-cash asset is made

b. Cash available after payment to creditors were made

c. Cash available after payment to creditors were made and after setting aside an amount for possible liquidation expenses.

d. All of the above

Problem 2: The proper order of priority in a partnership liquidation is as follows:

a. Outside creditors, partners for capital accounts and partners for loan accounts

b. Partners for capital accounts, partners for loan accounts, and outside creditors

c. Partners for loan account, partners for capital account and outside creditors

d. Outside creditors, loan payable to partner's, partner's capital credit balance