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Dewey, Cheatham, & Howe plan to liquidate their partnership. The condensed balance sheet for the partnership is as follows: Assets Liabilities & Capital Cash $20,000

Dewey, Cheatham, & Howe plan to liquidate their partnership. The condensed balance sheet for the partnership is as follows:

Assets Liabilities & Capital

Cash

$20,000 Accounts Payable $92,000
Receivables (net) 88,000 Loan Payable to Partner A 70,000
Inventory 70,000 Dewey, Capital 46,000
Equipment (net) 145,000 Cheatham, Capital 90,000
Other Assets 55,000 Howe, Capital 80,000
Total Assets $378,000 Total Liabilities & Capital $378,000

The profit and loss percentages for Dewey, Cheatham, and Howe are 50%, 30%, and 20%, respectively. This scenario is completely independent of the prior question. Determine how much of the available cash, with the exception of $10,000, would be distributed to Cheatham, assuming that the noncash assets with a book value of $300,000 were sold for $250,000 cash, the remaining noncash assets were liquidated at the maximum loss possible, and that a distribution to Dewey was made in order to pay off the loan payable.

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