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 $ 40200 Liabilities $155000 Noncash assets 293000 Chenard, Capital 59800 Jennings, Capital 89000 Blair, Capital 29400 Total $333200 Total $333200 If the partnership is liquidated by selling the noncash assets for $372000, and creditors are paid in full, what is the total amount of cash that Chenard will receive in the distribution of cash to partners? O $75600 O $68900 O $118400 $15800

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 $ 40200 Liabilities $155000 Noncash assets 293000 Chenard, Capital 59800 Jennings, Capital 89000 Blair, Capital 29400 Total $333200 Total $333200 If the partnership is liquidated by selling the noncash assets for $372000, and creditors are paid in full, what is the total amount of cash that Chenard will receive in the distribution of cash to partners? O $75600 O $68900 O $118400 $15800

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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