E 17-1 Simple liquidation—Schedule of cash available The partnership of Flo and Fay is in the process of liquidation. On January 1, 2016, the ledger shows account balances as follows:

Cash $10,000 Accounts payable $25,000 Accounts receivable 45,000 Flo capital 45,000 Lumber inventory 50,000 Fay capital 35,000 On January 10, 2016, the lumber inventory is sold for $40,000, and during January, accounts receivable of $41,000 is collected. No further collections on the receivables are expected. Profits are shared 60 percent to Flo and 40 percent to Fay.

REQuIRED: Prepare a schedule showing how the cash available on February 1, 2016, should be distributed.