The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation: Cash$90,000 Liabilities$170,000Noncash assets 300,000 Perry,capital 70,000 Quincy, capital 50,000 Renquist, capital 100,000Total$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 noncash assets need to be sold to generate enough cash in order that at least one partner would receive some cash upon liquidation?
A. $ 95,000
B. $ 90,000
C. $185,000
D. $165,000
E. $170,000
Answer: A
You might also like to view...
Thank-you messages ________
A) do not express appreciation B) hamper the goodwill of a business C) are not professional D) need not always be handwritten E) should not be conveyed over the phone
Can legal assistant work be included as separately recoverable in an award of attorney’s fees?
What will be an ideal response?
Washila calculated that the kitchen shop she manages had a decrease of 21.5% in sales this month compared to last month. If sales last month were $187,000, what were sales this month?
A) $86,098 B) $140,385 C) $146,795 D) $740,543
Which of the following statements is CORRECT?
A. The most likely explanation for an inverted yield curve is that investors expect inflation to increase. B. The most likely explanation for an inverted yield curve is that investors expect inflation to decrease. C. If the yield curve is inverted, short-term bonds have lower yields than long-term bonds. D. Inverted yield curves can exist for Treasury bonds, but because of default premiums, the corporate yield curve can never be inverted. E. The higher the maturity risk premium, the higher the probability that the yield curve will be inverted.