The following account balances were available for the perry, Ask an Expert

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The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation:

Cash 90,000 Liabilities 170,000
Non cash assets 300,000 Perry Capital 70,000
Quincy's Capital 50,000
Renquist Capital 100,000
total 390,000 390,000

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 would be the minimum amount for which the noncash assets must have been sold, in order for quincy to receive some cash from the liquidation?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797519

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