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Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for salary allowances of $38,000 and $33,000, respectively. Determine the division of a $19,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Morgan Graff Serigo Vargas Salary Allowance Remainder Net Loss 38,000 ✓ 9500 X -9,500 X 33,000✔ -9,500 X $ -9,500 X Total 71,000 ✓ -19,000 X -19,000

Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for salary allowances of $38,000 and $33,000, respectively. Determine the division of a $19,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Morgan Graff Serigo Vargas Salary Allowance Remainder Net Loss 38,000 ✓ 9500 X -9,500 X 33,000✔ -9,500 X $ -9,500 X Total 71,000 ✓ -19,000 X -19,000

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...
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Dividing partnership net loss. Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for salary allowances of $38,000 and $33,000, respectively. Determine the division of a $19,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Morgan Graff Salary Allowance $ Remainder Net Loss 38,000 9500 X $ -9,500 X $ Serigo Vargas 33,000✔ -9,500 X -9,500 X $ $ Total 71,000 ✓ -19,000 X -19,000 -
Transcribed Image Text:Dividing partnership net loss. Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for salary allowances of $38,000 and $33,000, respectively. Determine the division of a $19,000 net loss for the current year, assuming that remaining income or losses are shared equally by the two partners. Use the minus sign to indicate any deductions or deficiencies. Morgan Graff Salary Allowance $ Remainder Net Loss 38,000 9500 X $ -9,500 X $ Serigo Vargas 33,000✔ -9,500 X -9,500 X $ $ Total 71,000 ✓ -19,000 X -19,000 -
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