The Following Account Balances Were Available for the Perry, Quincy

question 21

Multiple Choice

The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation: 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) Any amount in excess of $185,000.
• B) Any amount in excess of $170,000.
• C) Any amount in excess of $165,000.
• D) Any amount in excess of $95,000.
• E) Any amount in excess of $90,000.

---

Definitions:

U.S. Labor Law

Legislation and legal standards in the United States that govern the relationship between employers, employees, and labor unions.

Property Rights

Legal rights to use, control, and dispose of property, which can include tangible assets like real estate and intangible rights like intellectual property.

Labor Rights

Legal rights and protections afforded to workers, including the right to fair wages, safe working conditions, and freedom from discrimination and harassment.

Sherman Antitrust Act

A landmark federal statute passed in the United States in 1890 that prohibits monopolistic business practices and promotes competition.