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: $$\begin{array} { l r l r } \text { Cash } & \$ 90,000 & \text { Liabilities } & \$ 170,000 \\\text { Noncash assets } & 300,000 & \text { Perry, capital } & 70,000 \\& & \text { Quincy, capital } & 50,000 \\& & \text { Renquist, capital } & 100,000 \\\text { Total } & \underline { \$ 390,000 } & \text { Total } & \underline { \$ 390,000 } \\\hline \hline\end{array}$$ 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 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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