Reference no: EM132540060
Question - ABC has recently formed a partnership by investing $45,000, $60,000, and $35,000, respectively. They are considering several methods of allocating profits and losses.
Calculate the partners' shares of profits and losses under each of the following separate plans. Justify your answer.
a) Profit is $23,985 and the partners could not agree on a plan for profit/loss division.
b) The loss is $16,000 and the partners agreed to share in the profits based on a 2:2:1 ratio. The agreement did not address losses.
c) Profit is $36,000 and the partners agreed to share profits based on the relationship of their initial capital balances.
d) The loss is $24,000 and the partners agreed to share profits and losses based on 15% to A, 50% to B, and 35% to C.
Round all answers to the nearest whole dollar.
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