Dividing Partnership Net Loss
Lynn Carpenter and Matthew Fredrick formed a partnership in which the partnership agreement provided for salary allowances of $58,000 and $41,000, respectively.
Determine the division of a $33,000 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.
Lynn Carpenter Matthew Fredrick Total
Salary Allowance $fill in the blank 1
58,000
$fill in the blank 2
41,000
$fill in the blank 3
99,000
Remainder $fill in the blank 4
16,500
$fill in the blank 5
16,500
$fill in the blank 6
33,000
Net Loss $fill in the blank 7
25,000
$fill in the blank 8
8,000
$fill in the blank 9
33,000
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