Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 8

A partnership has the following account balances: Cash, $70,000; Other Assets, $540,000; Liabilities, $260,000; Nixon (50% of profits and losses), $170,000; Cleveland (30%), $110,000; Pierce (20%), $70,000.The company liquidates, and $8,000 becomes available to the partners.Who gets the $8,000