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Current Attempt in Progress The Ivanhoe Partnership reported profit of $66,000 for the year ended February 29, 2024. Salary allowances are $49.500 for H.
Current Attempt in Progress The Ivanhoe Partnership reported profit of $66,000 for the year ended February 29, 2024. Salary allowances are $49.500 for H. Robinson and $27,500 for S. Lewi. Interest allowances of 5% are calculated on each partner's opening capital account balance. Capital account balances at March 1, 2023, were as follows: H. Robinson $79,000 (Cr.) and S. Lewi $52,000 (Cr.). Any remainder is shared equally. Calculate the division of profit to each partner. Profit allocated to partners H. Robinson S. Lewi
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