A. Any amount in excess of P198,667B. Any amount in excess of P117,000C. Any amount in excess of P175,000D. Any amount in excess of P183,000 The following account balances were available for the Pery, Quincy and Renquist partnership justbefore it entered liquidation:Cash90,000300,000390,000Non-cash assetsLiabilities170,000Perry, capitalQuincy, capitalRenquist, capital70,00050,000100,000390,000Perry, Quincy and Renquist had shared profits and losses in a ratio of 2:4:4. Liquidation expenseswere expected to be P8,000. All partners were solvent. What would be the minimum amount forwhich the non-cash assets must have been sold for, in order for Quincy to receive some cash fromthe liquidation?

Partnership refers to the legal act of agreement between two or more partners who have mutually…

Answered: 90,000 ah assets 300,000 390,000 es…

90,000 ah assets 300,000 390,000 es 170,000 apital capital st, capital 70,000 50,000 100,000 390,000 Duiney and Renquist had shared profits and losses in a ratio of 2:4:4. Liquidation

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 9SPB

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Question

A. Any amount in excess of P198,667

B. Any amount in excess of P117,000

C. Any amount in excess of P175,000

D. Any amount in excess of P183,000

The following account balances were available for the Pery, Quincy and Renquist partnership just
before it entered liquidation:
Cash
90,000
300,000
390,000
Non-cash assets
Liabilities
170,000
Perry, capital
Quincy, capital
Renquist, capital
70,000
50,000
100,000
390,000
Perry, Quincy and Renquist had shared profits and losses in a ratio of 2:4:4. Liquidation expenses
were expected to be P8,000. All partners were solvent. What would be the minimum amount for
which the non-cash assets must have been sold for, in order for Quincy to receive some cash from
the liquidation?

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The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation: Cash $ 90,000 Liabilities $ 170,000 Noncash assets 300,000 Perry, capital 70,000 Quincy, capital 50,000 Renquist, capital 100,000 Total $ 390,000 Total $ 390,000 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 the noncash assets need to be sold in order for Quincy to receive some cash from the liquidation? Multiple Choice 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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