uestion 41 The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation: $ Liabilities $ 170,000 90,000 300,000 Perry, capital Quincy, capital Renquist, capital 70,000 50,000 100,000 Total $ 390,000 Cash Noncash assets Total $ 390,000 Inicuded in Perry's capital balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation ex All partners were solvent. What amount would noncash assets need to be sold for in order for any partner to receive some cash? $185,000 $170,000 O $165,000
uestion 41 The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation: $ Liabilities $ 170,000 90,000 300,000 Perry, capital Quincy, capital Renquist, capital 70,000 50,000 100,000 Total $ 390,000 Cash Noncash assets Total $ 390,000 Inicuded in Perry's capital balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation ex All partners were solvent. What amount would noncash assets need to be sold for in order for any partner to receive some cash? $185,000 $170,000 O $165,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Question 41
The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation:
$
Liabilities
$ 170,000
Perry, capital
Quincy, capital
Renquist, capital
70,000
50,000
100,000
Total
$ 390,000
Cash
Noncash assets
90,000
300,000
Total
$390,000
Inlcuded in Perry's capital balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be $15,000.
All partners were solvent.
What amount would noncash assets need to be sold for in order for any partner to receive some cash?
$185,000
O $170,000
O $165,000
O$ 95,000
O$ 90,000
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