A partnership has the following account balances: Cash, $86,000; Other Assets, $620,000; Liabilities, $364,000; Nixon (50 percent of profits and losses), $160,000; Cleveland (30 percent), $110,000; Pierce (20 percent), $72,000. The company liquidates, and $16,000 becomes available to the partners. Who gets the $16,000? Determine how much of this amount should be distributed to each partner. (Do not round intermediate calculations.)

Answer rating: 100% (QA)

Solution IF ANY AMOUNT AVAILABLE AFTER THE PAY OFF LIA... View the full answer