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The following account balances were available for the Tasty, Mac, and Cheese partnership just before it entered liquidation: Cash 90,000 Liabilities 170,000 Noncash Assets 300,000
The following account balances were available for the Tasty, Mac, and Cheese partnership just before it entered liquidation: Cash 90,000 Liabilities 170,000 Noncash Assets 300,000 Tasty, Capital 70,000 Mac, Capital 50,000 Cheese, Capital 100,000 Total 390,000 Total 390,000 Included in Tasty's capital balance is a $20,000 partnership loan owed to Tasty, Tasty, Mac, and Cheese 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 Mac to receive some cash from the liquidation? [5 points) any amount in excess of $280,000 any amount in excess of $260,000 any amount in excess of $190,000 any amount in excess of $170,000
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