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What was thurman share of income or loss for the first year

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A partnership began its first year of operations with the following capital balances:

Young, Capital: 104,000

Thurman, Capital: 26,000 with 13,000 per year added each year.

Assume that the net loss for the first year of operations was 52,000. Assume further that each partner withdrew the maximum amount from the business each year.

Problem 1: What was Young's share of income or loss for the first year?

Problem 2: What was Thurman's share of income or loss for the first year? Thurman has to invest an additional $13,000 per year so the % will change annually.

Reference no: EM132680294

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