The MillStone Partnership reported profit of $60,000 for the year ended February 28, 2021. Salary allowances are
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The MillStone Partnership reported profit of $60,000 for the year ended February 28, 2021. Salary allowances are $45,000 for H. Mills and $25,000 for S. Stone. Interest allowances of 5% are calculated on each partner’s opening capital account balance. Capital account balances at March 1, 2020, were as follows: H. Mills $72,000 (Cr.) and S. Stone $47,000 (Cr.). Any remainder is shared equally. Calculate the division of profit to each partner.
PartnershipA legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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