A partnership has the following account balances: Cash, $88,000; Other Assets, $630,000; Liabilities, $354,000; Nixon...
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Accounting
A partnership has the following account balances: Cash, $88,000; Other Assets, $630,000; Liabilities, $354,000; Nixon (50 percent of profits and losses), $170,000; Cleveland (30 percent), $120,000; Pierce (20 percent), $74,000. The company liquidates, and $17,000 becomes available to the partners. Who gets the $17,000? Determine how much of this amount should be distributed to each partner.(Do not round intermediate calculations.)
Nixon
Cleveland
Pierce
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