Question
A partnership has the following account balances: Cash, $86,000; Other Assets, $620,000; Liabilities, $364,000; Nixon (50% of profits and losses), $160,000; Cleveland (30%), $110,000; Pierce
A partnership has the following account balances: Cash, $86,000; Other Assets, $620,000; Liabilities, $364,000; Nixon (50% of profits and losses), $160,000; Cleveland (30%), $110,000; Pierce (20%), $72,000. The company liquidates, and $16,000 becomes available to the partners. Who gets the $16,000?
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Management Accounting
Authors: Anthony A Atkinson, Robert S Kaplan
5th Edition
136005314, 978-0136005315
