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A partnership has the following account balances: Cash, $80,000; Other Assets, $590,000; Liabilities, $248,000; Nixon (50 percent of profits and losses), $200,000; Cleveland (30 percent),
A partnership has the following account balances: Cash, $80,000; Other Assets, $590,000; Liabilities, $248,000; Nixon (50 percent of profits and losses), $200,000; Cleveland (30 percent), $135,000; Pierce (20 percent), $87,000. The company liquidates, and $18,500 becomes available to the partners. Who gets the $18,500? Determine how much of this amount should be distributed to each partner.(Do not round intermediate calculations.)
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