Required

1. Compute the partners' shares of profits and losses under each of the following plans a. Net $78,500, and the partnership agreement allocates 50 percent of profits to Salmo, 30 percent to Squire, and 20 percent to Pecchio. The agreement does not discuss the

sharing of losses b. Net income for the year is $136,500 The first $50,000 is allocated on the basis of partners Capital investments. The next $67.000 is based on service, with $37,000 going to Salmo and

$30,000 going to Squire Any remainder is shared equally c. Net loss for the year is $136.500. The first $50,000 is allocated on the basis of partners

Capital investments. The next $67 000 is based on service, with $37,000 going to Salmo and

$30,000 going to Squire Any remainder is shared equally