= Homework: Ch 12 Homework B - Graded Question 3, EF12-17 (similar to) Part 1 of 3 HW Score: 0%, 0 of 44 points O Points: 0 of 4 Save Frawley and Hart form a partnership, contributing $23,000 and $92,000, respectively. Determine their shares of net income or net loss for each of the following independent situations: (Use a minus sign or parentheses when entering losses.) (Click on the icon to view the independent situations.) Determine partners' shares of net income or net loss for situation a. Net income (loss) Frawley Hart Total Situation a. More info a. Net loss is $150,000 and the partners have no written partnership agreement. b. Net income is $60,000 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 Frawley receiving 40% and Hart 60%. The remainder is shared equally. Print Done