Question
Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is: CHENARD, JENNINGS, AND BLAIR PARTNERSHIP Balance Sheet December 31, 2020
Chenard, Jennings, and Blair share profits and losses is 2:3:5, respectively. The balance sheet is:
CHENARD, JENNINGS, AND BLAIR PARTNERSHIP Balance Sheet December 31, 2020 | ||||
Assets |
| Liabilities and Owners' Equity | ||
Cash | $ 50000 |
| Liabilities | $157000 |
Noncash assets | 287000 |
| Chenard, Capital | 60400 |
|
|
| Jennings, Capital | 90600 |
|
| Blair, Capital | 29000 | |
Total | $337000 |
| Total | $337000 |
If the partnership is liquidated by selling the noncash assets for $377000, and creditors are paid in full, what is the total amount of cash that Chenard will receive in the distribution of cash to partners?
$18000
$117800
$74000
$78400
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