The Catt,Dogg,and Eustus Partnership Was Dissolved by the Partners in Early

question 8

Essay

The Catt,Dogg,and Eustus partnership was dissolved by the partners in early 2014.On March 1,the partners prepared the following financial statement before commencement of final liquidation:
Liquidation events in March were as follows:
- Receivables recorded at $120,000 were collected at $110,000;
- Inventory recorded at cost of $80,000 was sold for $60,000;
- Plant assets with a book value of $100,000 were sold for $140,000.
Required:
Determine how the available cash on March 31,2014 should be distributed.

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