Solution-How much of this amount should be distributed

How much of this amount should be distributed

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Question - A partnership has the following account balances: Cash, $71,000; Other Assets, $545,000; Liabilities, $285,000; Nixon (50 percent of pro?ts and losses), $160,000: Cleveland [30 percent), $100,000; Pierce [20 percent). $71,000. The company liquidates, and $9,000 becomes available to the partners. Who gets the $9,000? Determine how much of this amount should be distributed to each partner.

Reference no: EM132608121

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How much of this amount should be distributed

Reference no: EM132608121

Reference no: EM132608121

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