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What is the minimum amount of cash

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Question - The partnership of Hendrick, Mitchum, and Redding has the following account balances:

Cash 51,000

Liabilities 41,000

Noncash assets 150,000

Hendrick, capital 119,000

Mitchum, capital 85,000

Redding, capital (44,000)

This partnership is being liquidated. Hendrick and Mitchum are each entitled to 40 percent of all profits and losses with the remaining 20 percent going to Redding.

If the noncash assets are sold for a total of $65,000, what is the minimum amount of cash that Hendrick could receive?

Reference no: EM132225906

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