Dallas and Weiss formed a partnership to manage rental properties, by investing $160,000 and $240,000, respectively....

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Dallas and Weiss formed a partnership to manage rental properties, by investing $160,000 and $240,000, respectively. During its first year, the partnership recorded profit of $506,000 Required: Prepare calculations showing how the profit should be allocated to the partners under each of the following plans for sharing profit and losses: a. The partners failed to agree on a method of sharing profit. Share to Dallas Share to Weiss Total b. The partners agreed to share profits and losses in proportion to their initial investments. Share to Dallas Share to Weiss Total es c. The partners agreed to share profit by allowing a $155,000 per year salary allowance to Dallas, an $85,000 per year salary allowance to Weiss, 25% interest on their initial investments, and sharing the balance equally (Leave no cell blank. Enter "0" when the answer is zero.) Total salaries and interest allocation Balance of profit Balance allocated equally Balance of profit Shares of each partner Share to Dallas $ 5 Share to Weiss 0 $ 0 $ 0 $ 0 $ Total 0 0 4 Dallas and Weiss formed a partnership to manage rental properties, by investing $160,000 and $240,000, respectively. During its first year, the partnership recorded profit of $506,000 Required: Prepare calculations showing how the profit should be allocated to the partners under each of the following plans for sharing profit and losses: a. The partners failed to agree on a method of sharing profit. Share to Dallas Share to Weiss Total b. The partners agreed to share profits and losses in proportion to their initial investments. Share to Dallas Share to Weiss Total es c. The partners agreed to share profit by allowing a $155,000 per year salary allowance to Dallas, an $85,000 per year salary allowance to Weiss, 25% interest on their initial investments, and sharing the balance equally (Leave no cell blank. Enter "0" when the answer is zero.) Total salaries and interest allocation Balance of profit Balance allocated equally Balance of profit Shares of each partner Share to Dallas $ 5 Share to Weiss 0 $ 0 $ 0 $ 0 $ Total 0 0 4

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Answer a If partners fail to agree on a method of sharing profit it is to be shared equally by them Profit share of Dallas Profit 12 506000 05 253000 ... View the full answer