(Solution) - Allyn Meyer Jim Ball and Laura David arranged to import -(2025 Original AI-Free Solution)

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Allyn Meyer, Jim Ball, and Laura David arranged to import and sell orchid corsages for a university dance. They agreed to share equally the net income or net loss of the venture. Meyer and Ball advanced $175 and $125 of their own respective funds to pay for advertising and other expenses. After collecting for all sales and paying creditors, the partnership has $600 in cash.
a. How should the money be distributed?
b. Assuming that the partnership has only $120 instead of $600, do any of the three partners have a capital deficiency? If so, how much?