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A partnership has the following account balances: Cash, $81,000; Other Assets, $595,000; Liabilities, $241,000; Nixon (50 percent of profits and losses), $205,000; Cleveland (30 percent),
A partnership has the following account balances: Cash, $81,000; Other Assets, $595,000; Liabilities, $241,000; Nixon (50 percent of profits and losses), $205,000; Cleveland (30 percent), $140,000; Pierce (20 percent), $90,000. The company liquidates, and $19,000 becomes available to the partners. Who gets the $19,000? Determine how much of this amount should be distributed to each partner.(Do not round intermediate calculations.)
Nixon Cleveland Pierce Safe payments
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