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help me please Question 1: The partnership's net LOSS for the first year is still $100,000, but the partners share profits based on salary allowance,
help me please
Question 1: 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 Net Income Total 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 Question 1: 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 Net Income Total 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 partnerStep by Step Solution
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