The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe
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Question:
The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $11,000 salary.Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is:
If an amount is zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign.(Example: -300)
A. $30,000
| Chase | Chloe | Total | |
| Salaries | $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 |
| Remaining income allocation | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 |
| Total division of income | $fill in the blank 7 | $fill in the blank 8 | $fill in the blank 9 |
B. $12,000
| Chase | Chloe | Total | |
| Salaries | $fill in the blank 10 | $fill in the blank 11 | $fill in the blank 12 |
| Remaining income allocation | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 |
| Total division of income | $fill in the blank 16 | $fill in the blank 17 | $fill in the blank 18 |
C. $(10,000)
| Chase | Chloe | Total | |
| Salaries | $fill in the blank 19 | $fill in the blank 20 | $fill in the blank 21 |
| Remaining income allocation | fill in the blank 22 | fill in the blank 23 | fill in the blank 24 |
| Total division of income | $fill in the blank 25 | $fill in the blank 26 | $fill in the blank 27 |
Expert Answer:
A Chase Chloe Total Salaries 11000 11000 Remaining income allocation 3000011000 13... View the full answer
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