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90,000 ah assets 300,000 390,000 es 170,000 apital capital st, capital 70,000 50,000 100,000 390,000 Duiney and Renquist had shared profits and losses in a ratio of 2:4:4. Liquidation

90,000 ah assets 300,000 390,000 es 170,000 apital capital st, capital 70,000 50,000 100,000 390,000 Duiney and Renquist had shared profits and losses in a ratio of 2:4:4. Liquidation

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A. Any amount in excess of P198,667
B. Any amount in excess of P117,000
C. Any amount in excess of P175,000
D. Any amount in excess of P183,000
The following account balances were available for the Pery, Quincy and Renquist partnership just before it entered liquidation: Cash 90,000 300,000 390,000 Non-cash assets Liabilities 170,000 Perry, capital Quincy, capital Renquist, capital 70,000 50,000 100,000 390,000 Perry, Quincy and Renquist had shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be P8,000. All partners were solvent. What would be the minimum amount for which the non-cash assets must have been sold for, in order for Quincy to receive some cash from the liquidation?
Transcribed Image Text:The following account balances were available for the Pery, Quincy and Renquist partnership just before it entered liquidation: Cash 90,000 300,000 390,000 Non-cash assets Liabilities 170,000 Perry, capital Quincy, capital Renquist, capital 70,000 50,000 100,000 390,000 Perry, Quincy and Renquist had shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be P8,000. All partners were solvent. What would be the minimum amount for which the non-cash assets must have been sold for, in order for Quincy to receive some cash from the liquidation?
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