Question
A partnership has the following account balances: Cash, $85,000; Other Assets, $615,000; Liabilities, $369,000; Nixon (50% of profits and losses), $155,000; Cleveland (30%), $105,000; Pierce
| A partnership has the following account balances: Cash, $85,000; Other Assets, $615,000; Liabilities, $369,000; Nixon (50% of profits and losses), $155,000; Cleveland (30%), $105,000; Pierce (20%), $71,000. The company liquidates, and $15,500 becomes available to the partners. Who gets the $15,500? (Do not round intermediate calculations.) |
Nixon Cleveland Pierce
Safe payments ? ? ?
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Financial and managerial accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
1st edition
111800423X, 9781118233443, 1118016114, 9781118004234, 1118233441, 978-1118016114
