Answer:
Leigh is responsible for $5,000 in losses, and Byron for $15,000 in losses.
Explanation:
Since both income and losses are shared equally, we must first determine the partnership's total income:
Leigh Byron Total
salaries $35,000 $25,000 $60,000
net loss = income - total costs
-$20,000 = $60,000 - total costs
total costs = $60,000 + $20,000 = $80,000
divided by the 2 partners:
Leigh Byron Total
salaries $35,000 $25,000 $60,000
costs -$40,000 -$40,000 -$80,000
net loss -$5,000 -$15,000 -$20,000
