The Following Account Balances Were Available for the Perry, Quincy

question 16

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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