On October 1, 2016, Art, Bruce, and Carson formed the A, B and C partnership. Art contributed $21,000; Bruce $32,000; and Carson, $47,000. Art will manage the store; Bruce will work in the store three-quarters

the time; and Carson will not work in the business.

Read the equiremenis

On Odober 1, 2016. Art. Bruce and Carson tormed the A, B and C partnership Art combated $21,000, Bruce $32,000 und Canon. $47.000 Art will manage the store, Bruce wil work in the revod quarters of De time and Carson will not work in the bus Read the Requirement 1. Compute the partners shares of profits and fes under each of the following plans a. Nets for the year ended September 30, 2017 is $43.000, and the partnership agreement location of profits to Art 20% to Bruce, and 20% to Carson. The agreement does not discuss the sharing of losses. (U prethora mission for loss amounts Complete all boxes For amounts that are so make sure to enter in the appropriate cel A, B and Allocation of Profits and Losses Art Bruce Carson Total Nel como los Capital allocation All Bruce Requirements 1. Compute the partners' shares of profits and losses under each of the following plans: a. Net loss for the year ended September 30, 2017 is $43,000, and the partnership agreement allocates 60% of profits to Art, 20% to Bruce, and 20% to Carson. The agreement does not discuss the sharing of losses. b. Net income for the year ended September 30, 2017 is $100,000. The first $35,000 is allocated on the basis of relative partner capital balances. The next $38,000 is based on service, with $28,000 going to Art and $10,000 going to Bruce. Any remainder is shared equally. 2. Using plan b, prepare the partnership statement of partners' equity. Assume Art, Bruce, and Carson each withdrew $14,000 from the partnership during the year