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Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for salary allowances of $38,000 and $33,000, respectively. Determine the division of a $19,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Morgan Graff Serigo Vargas Salary Allowance Remainder Net Loss 38,000 ✓ 9500 X -9,500 X 33,000✔ -9,500 X $ -9,500 X Total 71,000 ✓ -19,000 X -19,000

Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for salary allowances of $38,000 and $33,000, respectively. Determine the division of a $19,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Morgan Graff Serigo Vargas Salary Allowance Remainder Net Loss 38,000 ✓ 9500 X -9,500 X 33,000✔ -9,500 X $ -9,500 X Total 71,000 ✓ -19,000 X -19,000

FINANCIAL ACCOUNTING
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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Dividing partnership net loss. Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for salary allowances of $38,000 and $33,000, respectively. Determine the division of a $19,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Morgan Graff Salary Allowance $ Remainder Net Loss 38,000 9500 X $ -9,500 X $ Serigo Vargas 33,000✔ -9,500 X -9,500 X $ $ Total 71,000 ✓ -19,000 X -19,000 -
Transcribed Image Text:Dividing partnership net loss. Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for salary allowances of $38,000 and $33,000, respectively. Determine the division of a $19,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Morgan Graff Salary Allowance $ Remainder Net Loss 38,000 9500 X $ -9,500 X $ Serigo Vargas 33,000✔ -9,500 X -9,500 X $ $ Total 71,000 ✓ -19,000 X -19,000 -
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