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Dr. J. Martin and Dr. S. Clark have been operating a dental practice as a partnership for several years. The fixed profit and loss
Dr. J. Martin and Dr. S. Clark have been operating a dental practice as a partnership for several years. The fixed profit and loss ratio is 60% for Dr. Martin and 40% for Dr. Clark. The dental practice had the following general ledger account balances at November 30, 2024, its fiscal year end Cash $33,420 Supplies 15,920 Equipment 173.780 Accumulated depreciation-equipment 40,900 Accounts payable 15,500 Notes payable, due 2025 55,200 J. Martin capital 58.200 J. Martin, drawings 139.970 5. Clark, capital 32,530 S. Clark, drawings 92,660 Service revenue 418.930 Salaries expense 78.960 Office expense 82.410 Interest expense 4,140
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