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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 Lilit 170,000 Noncash Assets 100,000
The following account balances were available for the Tasty, Mac, and Cheese partnership just before it entered liquidation: Cash 90,000 Lilit 170,000 Noncash Assets 100,000 Tasty, Capital 70.000 Mae Capital 50.000 Cheese Catal 100.000 Total 390.000 Tot 290,000 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? 15 points any amount in excess of $260.000 any amount in excess of $190.000 any amount in excess of $300,000 any amount in excess of $170,000 sny amount in excess of $280,000
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