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QS 11-4 Partnership profit allocation LO3 Bill Ace and Dennis Bud are partners in an urban...

QS 11-4 Partnership profit allocation LO3

Bill Ace and Dennis Bud are partners in an urban restaurant called Salt. Profit for the year ended March 31, 2017, is $120,000.

  1. How much profit should be allocated to each partner assuming there is no partnership agreement?
  2. Prepare the entry to allocate the profit.
  3. Prepare the entry to allocate the $120,000 assuming it is a loss.

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Expert Solution

ekkarill92 answered 1 year ago
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