Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is: CHENARD, JENNINGS, AND BLAIR PARTNERSHIP Balance Sheet December 31, 2020 Assets Liabilities and Owners' Equity Cash $ 48100 Liabilities $150000 Noncash assets 282200 Chenard, Capital 60800 Jennings, Capital Blair, Capital 89700 29800 Total $330300 Total $330300 If the partnership is liquidated by selling the noncash assets for $194400 and creditors are paid in full, what is the amount of cash that can be safely distributed to each partner? Chenard, $33160; Jennings, $56220; Blair, $0. O Chenard, $43240; Jennings, $63360; Blair, $14100. O Chenard, $37600; Jennings, $54900; Blair, $0. O Chenard, $31660; Jennings, $57720; Blair, $O.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Question-based on, "amount of cash".

 

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Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is:
CHENARD, JENNINGS, AND BLAIR PARTNERSHIP
Balance Sheet
December 31, 2020
Assets
Liabilities and Owners' Equity.
Cash
$ 48100
Liabilities
$150000
Noncash assets
282200
Chenard, Capital
60800
Jennings, Capital
89700
Blair, Capital
29800
Total
$330300
Total
$330300
If the partnership is liquidated by selling the noncash assets for $194400 and creditors are paid in full, what is the amount of cash
that can be safely distributed to each partner?
O Chenard, $33160; Jennings, $56220; Blair, $0.
O Chenard, $43240; Jennings, $63360; Blair, $14100.
O Chenard, $37600; Jennings, $54900; Blair, $0.
Chenard, $31660; Jennings, $57720; Blair, $0.
Transcribed Image Text:Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is: CHENARD, JENNINGS, AND BLAIR PARTNERSHIP Balance Sheet December 31, 2020 Assets Liabilities and Owners' Equity. Cash $ 48100 Liabilities $150000 Noncash assets 282200 Chenard, Capital 60800 Jennings, Capital 89700 Blair, Capital 29800 Total $330300 Total $330300 If the partnership is liquidated by selling the noncash assets for $194400 and creditors are paid in full, what is the amount of cash that can be safely distributed to each partner? O Chenard, $33160; Jennings, $56220; Blair, $0. O Chenard, $43240; Jennings, $63360; Blair, $14100. O Chenard, $37600; Jennings, $54900; Blair, $0. Chenard, $31660; Jennings, $57720; Blair, $0.
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