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 $ 46800 Liabilities $150300 Noncash assets 283700 Chenard, Capital 59000 Jennings, Capital 90600 Blair, Capital 30600 Total $330500 Total $330500 If the partnership is liquidated by selling the noncash assets for $194300 and creditors are paid in full, what is the amount of cash that can be safely distributed to each partner? O Chenard, $35480; Jennings, $55320; Blair, $0. O Chenard, $33480; Jennings, $56640; Blair, $0. O Chenard, $31980; Jennings, $58140; Blair, $0. O Chenard, $41120; Jennings, $63780; Blair, $14100.

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 $ 46800 Liabilities $150300 Noncash assets 283700 Chenard, Capital 59000 Jennings, Capital 90600 Blair, Capital 30600 Total $330500 Total $330500 If the partnership is liquidated by selling the noncash assets for $194300 and creditors are paid in full, what is the amount of cash that can be safely distributed to each partner? O Chenard, $35480; Jennings, $55320; Blair, $0. O Chenard, $33480; Jennings, $56640; Blair, $0. O Chenard, $31980; Jennings, $58140; Blair, $0. O Chenard, $41120; Jennings, $63780; Blair, $14100.

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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