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

question 53

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.
Assume that Quincy was insolvent and could not contribute assets to cover any deficit in her capital account.For what amount must the noncash assets have been sold,so that Renquist would have received some cash from the liquidation?

• A)any amount in excess of $108,000.
• B)any amount in excess of $58,000.
• C)any amount in excess of $201,600.
• D)any amount in excess of $50,000.
• E)any amount in excess of $104,000.

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