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Determine their shares of net income or net loss

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Question - Ken Danolo and Jim Goldman form a partnership, investing $96,000 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 partners share profits and losses based on their capital investments.

c. Net income is $264,000. The first $132,000 is shared based on the partner's capital investments. The next $100,000 is shared based on partner service, with Danolo receiving 40 percent and Goldman receiving 60 percent. The remainder is shared equally.

Reference no: EM132666684

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