e formed a parabis Caita invested $100 on Cou More Info be atore Savic will work in the store thre - X of profits an eement allo location of n Squire, and of Profits a ta Required 1. Compute the partners' shares of profits and losses under each of the following plans: a. Net loss is $72,500, and the partnership agreement allocates 45 percent of profits to Saita, 25 percent to Squire, and 30 percent to Pegg. The agreement does not discuss the sharing of losses. b. Net income for the year is $139,000. The first $60,000 is allocated on the basis of partners' Capital investments. The next $56,500 is based on service, with $26,500 going to Saita and $30,000 going to Squire. Any remainder is shared equally. C. Net loss for the year is $139,000. The first $60,000 is allocated on the basis of partners' Capital investments. The next $56,500 is based on service, with $26,500 going to Saita and $30,000 going to Squire. Any remainder is shared equally. 2. Revenues for the year were $861,500, and expenses were $722,500. Under plan (b), prepare the partnership income statement for the year. Assume a year end of September 30, 2017. 3. How will what you learned in this problem help you manage a partnership? the sharing of losses. hat are $0, make sure click Check Print Done Clear All