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Fatima and Aisha began a partnership by investing $58,000 and $87,000, respectively. The partners agreed to share net income and loss by granting annual salary
Fatima and Aisha began a partnership by investing $58,000 and $87,000, respectively. The partners agreed to share net income and loss by granting annual salary allowances of $54,000 to Fatima and $44,000 to Aisha, 10% interest allowances on their investments, and any remaining balance should be shared equally. Net loss for the year is $20,800. (Round your answers to the nearest whole dollar. Enter all allowances as positive values. Enter losses as negative values.) Required: 1. Use the following chart to calculate each partner's share of net loss. Complete this question by entering your answers in the tabs below. Reqi Use the following chart to calculate each partner's share of net loss. Total $ (20,800) 0 Allocation of Partnership Income Fatima Aisha Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners 0 0
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