I found this V belt failure analysis guide. I realize it is published by Briggs & Stratton but the information is applicable to any brand equipment that utilizes V belts.
http://www.norwoodonline.co.nz/user/file/16/Briggs & Stratton Belt Guide.pdf
http://www.norwoodonline.co.nz/user/file/16/Briggs & Stratton Belt Guide.pdf