07 Jan 1. Assume that the Barnes and Ardmore partnership
1. 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.2. Allocation of partnership income among the partners appears on what financial statement?3. What does the term unlimited liability mean when it is applied to partnership members?4. How does a general partnership differ from a limited partnership?