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Dividing partnership net loss Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for salary allowances of $54,000 and $48,000, respectively. Determine the division of a $27,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Salary Allowance $ Remainder Net Loss Morgan Graff 54,000 $ -13,500 X $ 40,500 X $ Serigo Vargas 48,000 -13,500 X $ 34,500 X $ $ Total 102,000 -27,000 X 75,000 X

Dividing partnership net loss Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for salary allowances of $54,000 and $48,000, respectively. Determine the division of a $27,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Salary Allowance $ Remainder Net Loss Morgan Graff 54,000 $ -13,500 X $ 40,500 X $ Serigo Vargas 48,000 -13,500 X $ 34,500 X $ $ Total 102,000 -27,000 X 75,000 X

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...
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Dividing partnership net loss Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for salary allowances of $54,000 and $48,000, respectively. Determine the division of a $27,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Salary Allowance Remainder Net Loss Morgan Graff 54,000 -13,500 X 40,500 X Serigo Vargas 48,000 ✓ -13,500 X 34,500 X Total 102,000 -27,000 X 75,000 X
Transcribed Image Text:Dividing partnership net loss Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for salary allowances of $54,000 and $48,000, respectively. Determine the division of a $27,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Salary Allowance Remainder Net Loss Morgan Graff 54,000 -13,500 X 40,500 X Serigo Vargas 48,000 ✓ -13,500 X 34,500 X Total 102,000 -27,000 X 75,000 X
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