Drew, Elmer, and Frank are partners in the DEF partnership. The partnership is being dissolved. It has $200,000 in cash assets and it owes $410,000 to creditors. Profits and losses of the partners are shared equally, although Drew contributed $100,000 in capital; Elmer contributed $50,000 in capital; and Frank contributed $25,000 in capital. Which

Question

Drew, Elmer, and Frank are partners in the DEF partnership. The partnership is being dissolved. It has

$200,000

in cash assets and it owes

$410,000

to creditors. Profits and losses of the partners are shared equally, although Drew contributed

$100,000

in capital; Elmer contributed

$50,000

in capital; and Frank contributed

$25,000

in capital. Which of the following is correct with regard to the responsibility of each partner? Each partner is responsible for

$70,000

of the money owed to creditors. Elmer will have to contribute additional capital in order to settle the partnership affairs. Drew will have to contribute additional capital in order to settle the partnership affairs. All of these are correct.

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