4. Steve and Chris have a partnership agreement which includes the following provisions regarding sharing profit or loss:

1. A salary allowance of $30,000 to Brewer and $15,000 to Tony.

2. An interest allowance of 10% on capital balances at the beginning of the year.

3. The remainder to be divided 30% to Brewer and 70% to Tony.

The capital balances on January 1, 2013, for Brewer and Tony were $80,000 and $100,000, respectively. During 2013, the Brewer and Tony Merchandising Partnership had sales of $330,000, cost of goods sold of $190,000, and operating expenses of $60,000.

Division of Profit STEVE CHRIS Total Profit .......................................... Salary allowance ............................ Profit remaining for allocation ............ Interest allowance Profit remaining for allocation ............ Fixed ratio Profit remaining for allocation ............ Profit allocated to partners