A partnership has the following account balances: Cash, $81,000; Other Assets, $595,000; Liabilities, $241,000; Nixon...
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Accounting
A partnership has the following account balances: Cash, $81,000; Other Assets, $595,000; Liabilities, $241,000; Nixon (50% of profits and losses), $205,000; Cleveland (30%), $140,000; Pierce (20%), $90,000. The company liquidates, and $19,000 becomes available to the partners. Who gets the $19,000? (Do not round intermediate calculations.)
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