(Solution) - Ken Danolo and Jim Goldman form a partnership investing 96 000 -(2025 Original AI-Free Solution)

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Ken Danolo and Jim Goldman form a partnership, investing $96,000 and $168,000, respectively.
Determine their shares of net income or net loss for each of the following situations:
a. Net loss is $124,800, and the partners have no written partnership agreement.
b. Net income is $105,600, and the partnership agreement states that the partners share profits and losses based on their capital investments.
c. Net income is $264,000. The first $132,000 is shared based on the partner capital investments. The next $100,000 is shared based on partner service, with Danolo receiving 40 percent and Goldman receiving 60 percent. The remainder is shared equally.