Question: please show all work and highlight final answer The following account balances were available for the Tasty, Mac, and Cheese partnership just before it entered

please show all work and highlight final answer

The following account balances were available for the Tasty, Mac, and Cheese partnership just before it entered liquidation: Cash 90.000 Liabilities 1?.0(]D Nonoash Assets 300,000 Tasty, Capital 20,000 Mac, Capital 50,000 Cheese, Capital 100,000 Total 390,000 Total 390,000 Included in Tasty's capital balance is a $20,000 partnership loan owed to Tasty. Tasty, Mac, and Cheese 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 Mac to receive some cash from the liquidation? [5 points] 0 any amount in excess of $280,000 0 any amount in excess of $300,000 O any amount in excess of $170,000 O any amount in excess of $260,000 0 any amount in excess of $120,000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
