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What would be the minimum amount for which the noncash

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Reference no: EM13482343

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 390,000 390,000

Inlcuded 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?

 

Reference no: EM13482343

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