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Sheila Salas, Kelley Sharp, and Jed Pecca have formed a partnership. Salas invested $100,000, Sharp $136,000, and Pecca $164,000. Salas will manage the store,
Sheila Salas, Kelley Sharp, and Jed Pecca have formed a partnership. Salas invested $100,000, Sharp $136,000, and Pecca $164,000. Salas will manage the store, Sharp will work in the store three-quarters of the time, and Pecca will not work in the business. Required Requirement 1. Compute the partners' shares of profits and losses under each of the plans listed. a. Net loss is $73,500, and the partnership agreement allocates 40 percent of profits to Salas, 25 percent to Sharp, and 35 percent to Pecca. The agreement does not discuss the sharing of losses. Complete the following table to calculate the allocation of net loss. (Use a minus sign or parentheses for net loss amounts. Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate column.) Salas, Sharp, and Pecca Allocation of Profits and Losses a. Total (net loss) Allocation to partners: Salas Sharp Total Net loss left to allocate Salas Sharp Total
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