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A partnership has the following account balances: Cash, $74,000; Other Assets, $560,000; Liabilities, $265,000; Nixon (50% of profits and losses), $175,000; Cleveland (30%), $120,000; Pierce
A partnership has the following account balances: Cash, $74,000; Other Assets, $560,000; Liabilities, $265,000; Nixon (50% of profits and losses), $175,000; Cleveland (30%), $120,000; Pierce (20%), $74,000. The company liquidates, and $15,500 becomes available to the partners. Who gets the $15,500?
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