A partnership has the following account balances: Cash, $77,000; Other Assets, $575,000; Liabilities, $262,000; Nixon (50...

 

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A partnership has the following account balances: Cash, $77,000; Other Assets, $575,000; Liabilities, $262,000; Nixon (50 percent of profits and losses), $185,000; Cleveland (30 percent), $125,000; Pierce (20 percent), $80,000. 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.) Safe payments Nixon Cleveland $ 12,200 $ Pierce 4,800 A partnership has the following account balances: Cash, $77,000; Other Assets, $575,000; Liabilities, $262,000; Nixon (50 percent of profits and losses), $185,000; Cleveland (30 percent), $125,000; Pierce (20 percent), $80,000. 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.) Safe payments Nixon Cleveland $ 12,200 $ Pierce 4,800

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