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Calculate the loss to be allocated to each partner

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Question - Tognazzini Company had a $15,000 loss for the year ended October 31, 2020. The company is a partnership owned by Lilia and Terry Tognazzini. Salary allowances for the partners are Lilia $25,000 and Terry $16,000. Interest allowances are Lilia $5,000 and Terry $9,000. The remainder is shared by 75% by Lilia and 25% BY Terry. (a) Calculate the loss to be allocated to each partner. (b) Make a journal entry to close the income summary account.

Reference no: EM133008098

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