Question: A partnership has the following account balances: Cash, $79,000; Other Assets, $585,000; Liabilities, $249,000; Nixon (50 percent of profits and losses), $195,000; Cleveland (30 percent),

A partnership has the following account balances: Cash, $79,000; Other Assets, $585,000; Liabilities, $249,000; Nixon (50 percent of profits and losses), $195,000; Cleveland (30 percent), $135,000; Pierce (20 percent), $85,000. The company liquidates, and $18,000 becomes available to the partners. Who gets the $18,000? Determine how much of this amount should be distributed to each partner.

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