Question
A partnership has the following account balances: Cash, $77,000; Other Assets, $575,000; Liabilities, $262,000; Nixon (50% of profits and losses), $185,000; Cleveland (30%), $125,000; Pierce
A partnership has the following account balances: Cash, $77,000; Other Assets, $575,000; Liabilities, $262,000; Nixon (50% of profits and losses), $185,000; Cleveland (30%), $125,000; Pierce (20%), $80,000. The company liquidates, and $17,000 becomes available to the partners. How much does each partner get of the $17,000?
Nixon Cleveland Pierce
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Contemporary Auditing Real Issues And Cases
Authors: Michael C. Knapp
6th Edition
0324303254, 9780324303254
