The partnership's net LOSS for the first year is still $100,000, but the partners share profits...

  

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The partnership's net LOSS for the first year is still $100,000, but the partners share profits based on salary allowance, capital allowance and remining income sharing: [1] Company has Net LOSS : $80,000 [2] Salary allowance: Tom :$ 40,000 Jerry :$ 50,000 [3] Capital allowance : 5% [4) Remaining Net Loss: equal sharing (50% each) Instructions: Please use provided information to calculate the Net Income allocated each partner. The example is post with this assignment as reference. Alex Brian Total Net Income Salary Allowance: Tom Jerry Capital Allocation: Tom Jerry Total Salary and Capital Allocation Net Income (Loss) Remaining Allocation Remainer Share Equally: Tom Jerry Total Allocation Net Income (Loss) Remaining Allocation Net Income (Loss) Allocated to each partner The partnership's net LOSS for the first year is still $100,000, but the partners share profits based on salary allowance, capital allowance and remining income sharing: [1] Company has Net LOSS : $80,000 [2] Salary allowance: Tom :$ 40,000 Jerry :$ 50,000 [3] Capital allowance : 5% [4) Remaining Net Loss: equal sharing (50% each) Instructions: Please use provided information to calculate the Net Income allocated each partner. The example is post with this assignment as reference. Alex Brian Total Net Income Salary Allowance: Tom Jerry Capital Allocation: Tom Jerry Total Salary and Capital Allocation Net Income (Loss) Remaining Allocation Remainer Share Equally: Tom Jerry Total Allocation Net Income (Loss) Remaining Allocation Net Income (Loss) Allocated to each partner

Answer rating: 100% (QA)

Alex Brian Total Net Income Salary Allowance Tom 20000 20000 Jerry 25000 ... View the full answer