Finnegan and Healey form a partnership, contributing $35,000 and $105,000, respectively.
Determine their shares of net income or net loss for each of the following independent situations:
a. Net loss is $90,000 and the partners have no written partnership agreement.
b. Net income is $110,000 and the partnership agreement states that the partners share profits and losses on the basis of their capital balances.
c. Net income is $180,000. The first $108,000 is shared on the basis of capital balances. The next $54,000 is based on partner service, with Finnegan receiving 70% and Healey 30%. The remainder is shared equally?