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Please answer this question quickly! I don't know how to calculate the interest on capital Prepare the closing entry to allocate the partnership profit if
Please answer this question quickly! I don't know how to calculate the interest on capital
Prepare the closing entry to allocate the partnership profit if in 2024 , the partnership reports profit of $57,000. Assume the partnership agreement calls for profit to be divided with a salary of $38,000 to Miller and $28,500 to Moore. Miller is allowed 5% of interest on her beginning capital, and the remainder is divided 60%40%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare the closing entry to allocate the partnership profit if in 2024 , the partnership reports profit of $57,000. Assume the partnership agreement calls for profit to be divided with a salary of $38,000 to Miller and $28,500 to Moore. Miller is allowed 5% of interest on her beginning capital, and the remainder is divided 60%40%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Step by Step Solution
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