v Berlo, Brenda Fanti, and Rod Van Roy have formed a partnership. Berlo invested $33,750, Fanti $44,550, and Van Roy $56,700. Berlo will manage the store, nti will work in the store half time, and Van Roy will not work in the business. equired equirement 1. Co - Net loss is $270,0 oes not discuss the Complete the followi Lure to enter "0" in a. Total (net loss) Allocation to pa Berlo Fanti Van Roy Total Required Net loss left to allocate Net loss to partners Required 1. Compute the partners' shares of profits and losses under each of the following plans: a. Net loss is $270,000, and the partnership agreement allocates 45 percent of profits to Berlo, 30 percent to Fanti, and 25 percent to Van Roy. The agreement does not discuss the sharing of losses. b. Net income for the year is $362,000. The first $170,000 is allocated based on partner capital investments. The next $57,000 is based on service, with Berlo receiving $39,000 and Fanti receiving $18,000. Any remainder is shared equally. 2. Revenues for the year were $1,022,000, and expenses were $660,000. 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 e agreement are $0, make Help me solve this Calculator Ask my instructor Pearson Clear all Check answer Copyright 2022 Pearson Education Inc. All rights reserved. | Terms of Use | Privacy Policy | Permissions | Contact Us | Sav Berlo, Brenda Fanti, and Rod Van Roy have formed a partnership. Berlo invested $33,750, Fanti $44,550, and Van Roy $56,700. Berlo will manage the store, Fanti will work in the store half time, and Van Roy 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 $270,000, and the partnership agreement allocates 45 percent of profits to Berlo, 30 percent to Fanti, and 25 percent to Van Roy. The agreement does not discuss the sharing of losses. Complete the following table to calculate the allocation of net loss. (Use parentheses or a minus sign for net loss amounts. For amounts that are $0, make sure to enter "0" in the appropriate column. Round your final answers to the nearest whole dollar.) Berlo, Fanti, and Van Roy Allocation of Profits and Losses a. Total (net loss) Allocation to partners: Berlo Fanti Van Roy Total Net loss left to allocate Net loss to partners Berlo Fanti Van Roy Total Help me solve this Calculator Ask my instructor Clear all Check