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A partnership has the following account balances: Cash, $94,000; Other Assets, $660,000; Liabilities, $302,000; Nixon (50 percent of profits and losses), $210,000; Cleveland (30 percent),
A partnership has the following account balances: Cash, $94,000; Other Assets, $660,000; Liabilities, $302,000; Nixon (50 percent of profits and losses), $210,000; Cleveland (30 percent), $150,000; Pierce (20 percent), $92,000. The company liquidates, and $20,000 becomes available to the partners. Who gets the $20,000? Determine how much of this amount should be distributed to each partner.(Do not round intermediate calculations.)
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