30 The following account balances were available for the Perry,...
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The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation Cash Noncash assets $ 90,000 300,000 Liabilities Perry, capital Quincy, capital Renquist, capital Total $170,000 70,000 50,000 100,000 $390,000 Total $390,000 Included in Perry's Capital account 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 insolvent. For what amount would the noncash assets need to be sold in order for Quincy to receive some cash from the liquidation? Multiple Choice Any amount in excess of $170,000. Any amount in excess of $280,000 O Any amount in excess of $300,000 & EX Suom of 2:4:4. Liquidation expenses were expected to be $15,000. All partners were insolvent For what amount would the noncash assets need to be sold in order for Quincy to receive some cash from the liquidation? Multiple Choice Any amount in excess of $170,000, Any amount in excess of $280,000 Any amount in excess of $300,000 Any amount in excess of $190,000 Any amount in excess of $200,000
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