Charles, Carissa, and Clay are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Charles, $50,200 Cr.; Carissa, $40,600 Dr.; and Clay, $20,100 Cr. How much cash is available for distribution to the partners? Oa. $20,100 Ob. $29,700 Oc $110,900 Od. $40,600 When a partnership goes out of business, it is liquidated. The first step in this process is referred to as a. payment of liabilities. Ob. realization. Oc. division of gain or loss. O d. distribution to partners. When a partnership goes out of business, it is liquidated. The last step in this process is O a. realization. Ob. payment of liabilities. O c. division of gain or loss. O d. distribution to partners