Question-based on, "amount of cash". I have tried it but not correct. Thanks for any help. Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is:CHENARD, JENNINGS, AND BLAIR PARTNERSHIPBalance SheetDecember 31, 2020AssetsLiabilities and Owners' Equity.Cash$ 48100Liabilities$150000Noncash assets282200Chenard, Capital60800Jennings, Capital89700Blair, Capital29800Total$330300Total$330300If the partnership is liquidated by selling the noncash assets for $194400 and creditors are paid in full, what is the amount of cashthat 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.

Schedule of Allocation: Chenard Jennings Blair Total Beginning Balances 60,800 89,700 29,800…

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.

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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