Santillo and Saab had beginning capital balances of $25,000 and $20,000, respectively. The two partners fail to

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Santillo and Saab had beginning capital balances of $25,000 and $20,000, respectively.
The two partners fail to agree on a profit-and-loss-sharing ratio. For the first month (June 2025), the partnership has a net loss of $6,000.
Requirements 

1. How much of this loss goes to Santillo? How much goes to Saab?
2. The partners withdrew no assets during June. What is each partner’s capital balance at June 30? Prepare a T-account for each partner’s capital account.

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Horngrens Accounting The Financial Chapters

ISBN: 9780137884858

14th Edition

Authors: Brenda Mattison, Tracie Miller-Nobles

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