Please help solve Question 41The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation:$Liabilities$ 170,000Perry, capitalQuincy, capitalRenquist, capital70,00050,000100,000Total$ 390,000CashNoncash assets90,000300,000Total$390,000Inlcuded 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?$185,000O $170,000O $165,000O$ 95,000O$ 90,000

Partnership is the relation between two or more person, it has the following characteristics They…

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

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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