The Following Account Balances Were Available for the Perry,Quincy,and Renquist

question 63

Multiple Choice

The following account balances were available for the Perry,Quincy,and Renquist partnership just before it entered liquidation:
Perry,Quincy,and Renquist had shared profits and losses in a ratio of 2:4:4.Liquidation expenses were expected to be $8,000.
All partners were solvent.What would be the minimum amount for which the noncash assets must have been sold for,in order for Quincy to receive some cash from the liquidation?

• A)any amount in excess of $175,000.
• B)any amount in excess of $117,000.
• C)any amount in excess of $183,000.
• D)any amount in excess of $198,667.
• E)any amount in excess of $168,333.

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Definitions:

Resistant to Change

The tendency to oppose or struggle against modifications to the status quo or established ways of doing things.

Workers

Individuals engaged in some form of employment, contributing their skills and labor in exchange for compensation.

Porter and Lawler

A theory by Lyman W. Porter and Edward E. Lawler that suggests job satisfaction is determined by the perceived relationship between effort, performance, and rewards.

Employee Ability

Refers to the skills and capabilities that an individual possesses to perform job tasks effectively.