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On October 1, 2018, Abdullah, Brodie, and Carson formed the A, B and C partnership. Abdullah contributed $30,000; Brodie, $42,000; and Carson, $48,000. Abdullah
On October 1, 2018, Abdullah, Brodie, and Carson formed the A, B and C partnership. Abdullah contributed $30,000; Brodie, $42,000; and Carson, $48,000. Abdullah will manage the store; Brodie will work in the store three-quarters of the time; and Carson will not work in the business. Read the requirements. Requirement 1. Compute the partners' shares of profits and losses under each of the following plans: a. Net loss for the year ended September 30, 2019, is $47,000, and the partnership agreement allocates 60% of profits to Abdullah, 30% to Brodie, and 10% to Carson. The agreement does not discuss the sharing of losses. (Use parentheses or a minus sign for loss amounts. Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate cell.) A, B and C Allocation of Profits and Losses a. Net income (loss) Capital allocation: Abdullah Brodie Carson Total capital allocation Net income (loss) remaining for allocation Net income (loss) allocated to each partner Abdullah Brodie Carson Total
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