The following account balances were available fo…

            The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation:         Cash $ 90,000   Liabilities $ 170,000 Noncash assets   300,000   Perry, capital   70,000         Quincy, capital   50,000         Renquist, capital   100,000 Total $ 390,000   Total $ 390,000   Included in Perry’s Capital account 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 insolvent. For what amount would the noncash assets need to be sold in order for Quincy to receive some cash from the liquidation?                         A)    Any amount in excess of $170,000.                        B)    Any amount in excess of $190,000.            C)    Any amount in excess of $260,000.            D)    Any amount in excess of $280,000.            E)    Any amount in excess of $300,000.

The capital account balances for Donald & Hanes LLP on Janua…

The capital account balances for Donald & Hanes LLP on January 1, 2021, were as follows:         Donald, capital $ 200,000 Hanes, capital   100,000   Donald and Hanes shared net income and losses in the ratio of 3:2, respectively. The partners agreed to admit May to the partnership with a 35% interest in partnership capital and net income. May invested $100,000 cash, and no goodwill was recognized. What is the balance of May’s capital account after the new partnership is created?                         A)    $84,000.              B)    $100,000.            C)    $140,000.            D)    $176,000.            E)    $200,000.

The Allen, Bevell, and Carter partnership began the process…

The Allen, Bevell, and Carter partnership began the process of liquidation with the following balance sheet:         Cash $ 25,000   Liabilities $ 175,000 Noncash assets   500,000   Allen, capital   90,000         Bevell, capital   100,000         Carter, capital   160,000 Total $ 525,000   Total $ 525,000   Allen, Bevell, and Carter share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $14,000.Assuming that the noncash assets were sold for $150,000, which partner(s) would have been required to contribute assets to the partnership to cover a deficit in his or her capital account, prior to considering the liquidation expenses incurred?                        A)    Allen.                  B)    Bevell.            C)    Carter.            D)    Allen and Carter.            E)    Allen and Bevell.