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How much amount should be distributed to each partner

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Question - A partnership has the following account balances: Cash, $72,000; Other Assets, $550,000; Liabilities, $280,000; Nixon (50 percent of profits and losses), $165,000; Cleveland (30 percent), $105,000; Pierce (20 percent), $72,000. The company liquidates, and $9,500 becomes available to the partners. Who gets the $9,500? How much of this amount should be distributed to each partner?

Reference no: EM132527440

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