Required Required 1. Compute the partners' shares of profits and losses under each of the following...

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Required Required 1. Compute the partners' shares of profits and losses under each of the following plans: a. Net loss is $250,000, and the partnership agreement allocates 40 percent of profits to Biggins, 30 percent to Feys, and 30 percent to Vigue. The agreement does not discuss the sharing of losses. b. Net income for the year is $358,000. The first $185,000 is allocated based on partner capital investments. The next $41,000 is based on service, with Biggins receiving $23,000 and Feys receiving $18,000. Any remainder is shared equally. 2. Revenues for the year were $1,025,000, and expenses were $667,000. Under plan (b), prepare the partnership income statement for the year. Assume a January 31, 2014, year end. 3. How will what you learned in this problem help you manage a partnership? Print Done - Required Required 1. Compute the partners' shares of profits and losses under each of the following plans: a. Net loss is $250,000, and the partnership agreement allocates 40 percent of profits to Biggins, 30 percent to Feys, and 30 percent to Vigue. The agreement does not discuss the sharing of losses. b. Net income for the year is $358,000. The first $185,000 is allocated based on partner capital investments. The next $41,000 is based on service, with Biggins receiving $23,000 and Feys receiving $18,000. Any remainder is shared equally. 2. Revenues for the year were $1,025,000, and expenses were $667,000. Under plan (b), prepare the partnership income statement for the year. Assume a January 31, 2014, year end. 3. How will what you learned in this problem help you manage a partnership? Print Done -