Assume that the S & B partnership agreement gave Steely 60% and Breck 40% of partnership income and losses.The partnership recorded a loss of $27,000 in the current period.Steely's share of the loss equals $16,200 and Breck's share equals $10,800.

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Since Steely has 60% ownership and Breck has 40%, their shares of any partnership losses or income will be in proportion to their ownership percentages. Therefore, Steely's share of the $27,000 loss would be 60% of $27,000, which is $16,200, and Breck's share would be 40% of $27,000, which is $10,800.

Assume That the S & B Partnership Agreement Gave Steely