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Question 1: Andy Maguire and John walker form a partnership, investing $96000 and 168,000 respectively. Determine their shares of net income or net loss for each of the following situations:
a) Net loss is $124,800 and the partners have no written partnership agreement.
b)Net income is $105,600 and the partnership agreement states that the partner share profit and losses based on their capital investments.
c) Net income is $264,000. The first $132,000 is shared based on the partner capital investments. The next $100,000 is shared based on partner service, with Maguire receiving 40 percent and walker receiving 60 percent. The remainder shared equally.
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