After closing the revenue and expense accounts, the profit for the year ended December 31, 2024, of the Mitt & Ryan partnership is $28.210. The partnership agreement specifies that profits and losses will be shared using the following formula. 1. Allocate profit by a 5% Interest allowance on the partners' beginning capital balances. 2 Allocate salary allowances of $20,280 to Mitt and $14,690 to Ryan 3. Remaining profit (loss) is to be shared on a ratio of 8:5 At the beginning of the year, Mitt's capital account had a balance of $33.800 and Ryan's capital account had a balance of $35,100. Mitt withdrew $1.130 cash per month while Ryan withdrew $1,360 per month from the partnership. During the year, Mitt made an additional investment of $5,650 cash into the partnership.

After closing the revenue and expense accounts, the profit for the year ended December 31, 2024, of the Mitt & Ryan partnership is $28.210. The partnership agreement specifies that profits and losses will be shared using the following formula. 1. Allocate profit by a 5% Interest allowance on the partners' beginning capital balances. 2 Allocate salary allowances of $20,280 to Mitt and $14,690 to Ryan 3. Remaining profit (loss) is to be shared on a ratio of 8:5 At the beginning of the year, Mitt's capital account had a balance of $33.800 and Ryan's capital account had a balance of $35,100. Mitt withdrew $1.130 cash per month while Ryan withdrew $1,360 per month from the partnership. During the year, Mitt made an additional investment of $5,650 cash into the partnership.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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