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How much of the amount should be distributed to each partner

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Reference no: EM132587662

A partnership has the following account balances:

Cash, $75,000;

Other Assets, $565,000;

Liabilities, $265,000;

Nixon (50 percent of profits and losses), $175,000;

Cleveland (30 percent), $125,000;

Pierce (20 percent), $75,000.

The company liquidates, and $16,000 becomes available to the partners.

Question 1: Who gets the $16,000? Determine how much of this amount should be distributed to each partner. (Do not round intermediate calculations.)

Reference no: EM132587662

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