The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation:

Cash…………………………..90,000

Liabilities……………………170,000

Non cash assets……………...300,000

Perry Capital………………….70,000

Quincy's Capital………………50,000

Renquist Capital……………..100,000

Total………………………….390,000

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?

Answer rating: 100% (QA)

Perry Quincy Relinquist total capital 70000 50000 100000 220000 liabilities 170000 170000 tot... View the full answer