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Due to a cash shortage, Alford invests an additional $12,000 in the business on April 1, 2024. Each partner is allowed to withdraw $900 cash
Due to a cash shortage, Alford invests an additional $12,000 in the business on April 1, 2024. Each partner is allowed to withdraw $900 cash each month. The partners have used the same method of allocating profits and losses since the business's inception: Each partner is given the following compensation allowance for work done in the business: Alford, $10,000; Beeson, $26,000; and Carlton, $6,000. Each partner is credited with interest equal to 20 percent of the average monthly capital balance for the year without regard for normal drawings. Any remaining profit or loss is allocated 4:2:4 to Alford, Beeson, and Carlton, respectively. The net income for 2024 is $28,000. Each partner withdraws the allotted amount each month
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