Question

LO 16:1-16-3 P16-19 Matching Match the terms on then with the descriptions on the right. Each description may be used only once (or not at all Terms 1 Dissolution 2 Partners loss absorption potential 3 Liquidation 4 Statement of partnership realization and liquidation 5. Instalment liquidation 6 Cash distribution plan 7. Incorporation of partnership 8. Partners deficit in capital 9 Lumo sum liquidation 10. Safe payments to Descriptions of Terms A Sve of partnership sets, payment of its creditors, and distribution of any remaning assets to partners B. Alocation to other partners in their profit and loss-sharing ratio if the partner is personally insolvent C Schedule that shows how cash is to be distruted as it becomes available during liquidation process D Amount computed by dividing a partners capital balance by that partners oss sharing ratio E Hevaluation of a partnerships assets and abilities to the market values # Change in the relationship between partners G End of the normal business function of the partnership H Liquidation in which will assets are converted into cash overa short time period, enabling all creditors to be paid with any remaining cash bong distributed according to the partners capital balance Cash payments to partner computed on the sumption that all noncash assets will be sold for nothing Presentation in worksheet form of the effects of the Iquidation process on the balance sheet accounts of the partnership Liquidation in which cash is periodically dibuted to partners during the liquidation process partners