Jack and Tony are partners any software engineer company Jack and Tony have a capital balance of 75,060 2000 respectively. The two partners made a profit of 240,000. How much does each we see from the profit in the absence of a partnership agreement

Jack and Tony are partners any software engineer company Jack and Tony have a capital balance of 75,060 2000 respectively. The two partners made a profit of 240,000. How much does each we see from the profit in the absence of a partnership agreement

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jensen and Stafford began a partnership to start a hardwood flooring installation business, by investing $178,000 and $218,000, respectively. They agreed to share profits/(losses) by providing yearly salary allowances of $168,000 to Jensen and $93,000 to Stafford, 25% interest allowances on their investments, and sharing the balance 3:2. Required: 1. Determine each partner’s share if the first-year profit was $438,000. 2. Independent of (1), determine each partner’s share if the first-year loss was $113,000. (Negative answers should be indicated by a minus sign.)
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