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  3. a partnership has the following account balances:

A partnership has the following account balances: Cash, $85,000; Other Assets, $615,000; Liabilities, $369,000; Nixon...

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Accounting

A partnership has the following account balances: Cash, $85,000; Other Assets, $615,000; Liabilities, $369,000; Nixon (50 percent of profits and losses), $155,000; Cleveland (30 percent), $105,000; Pierce (20 percent), $71,000. The company liquidates, and $15,500 becomes available to the partners. Who gets the $15,500? Determine how much of this amount should be distributed to each partner. (Do not round intermediate calculations.)

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