After the partnership makes the decision above what

Question

Accounting and Macroeconomics-

1. Prompt/Topic: Assume that the Barnes and Ardmore partnership agreement provides for a two-third/one-third sharing of income but says nothing about losses. The first year of partnership operation resulted in a loss, and Barnes argues that the loss should be shared equally because the partnership agreement said nothing about sharing losses. Is Barnes correct? Explain why or why not.

After the partnership makes the decision above, what financial statement would show the allocation of partnership income among the partners?

2. List and explain the reasons why our productivity growth has varied in recent decades. Reference your answer.

Answer 1

The given assignment is on Accounting and Macroeconomics- 1. Prompt/issue: Assume that the Barnes and Ardmore partnership agreement gives for a two-third/one-third sharing of income but says nothing about losses. The first year of partnership operation resulted in a loss, and Barnes argues that the loss should be shared equally because the partnership agreement said nothing about sharing losses. Is Barnes accurate? Explicate why or why not. After the partnership builds the decision above, what financial statement would illustrate the allocation of partnership income among the partners? 2. List and explicate the causes why our productivity expansion has varied in recent decades. Reference your answer.