Fultz & Hill form a partnership. Contributing $39,000 and $91,000 respectively. Determine their shares of net income or net loss for each of the following independent situations.

a. Net loss is $140,000 and the partners have no written partnership agreement.

b. Net income is $50,000 and the partnership agreement states that the partners share profits and losses on the basis of their capital balances.

c. Net income is $190,000. The first $114,000 is shared on the basis of capital balances. The next $57,000 is based on partner service, with Fultz receiving 30% and Hill 70%. The remainder is shared equally.

Determine partners' shares of net income or net loss for situation a. Net income (loss) Fultz Hill Total Situation a. Determine partners' shares of net income or net loss for situation b. Net income (loss) Fultz Hill Total Situation b. Determine partners' shares of net income or net loss for situation c. Net income (loss) Fultz Hill Situation c. Total