The Following Account Balances Were Available for the Perry, Quincy

question 4

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 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 solvent.
What would be the minimum amount for which the noncash assets must have been sold, in order for Quincy to receive some cash from the liquidation?

• A) any amount in excess of $170,000.
• B) any amount in excess of $190,000.
• C) any amount in excess of $260,000.
• D) any amount in excess of $280,000.
• E) any amount in excess of $300,000.

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