A Partnership Is Liquidating Assume Fleet Does Not Contribute the Capital Deficiency

A partnership is liquidating.The partners share profits and losses equally.After liquidating the assets and paying the liabilities,the partners' capital accounts are as follows: $$\begin{array} { | l | l | } \hline \text { Partner } & \text { Capital Balance } \\\hline \text { Blaine, Capital } & \$ 43,000 \text { Credit } \\\hline \text { Farmer, Capital } & \$ 20,000 \text { Credit } \\\hline \text { Fleet, Capital } & \$ 14,000 \text { Debit } \\\hline\end{array}$$ Assume Fleet does not contribute the capital deficiency.How much cash is available to distribute to the partners?

A) $43,000
B) $49,000
C) $63,000
D) $77,000

Correct Answer:

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