The Following Account Balances Were Available for the Perry, Quincy

The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation: 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 amount would noncash assets need to be sold for in order for any partner to receive some cash?

A) $185,000
B) $170,000
C) $165,000
D) $95,000
E) $90,000

Correct Answer:

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