Test $1$

Question $15$ of $16$

$\frac{-}{15}$

Current Attempt in Progress

After closing the revenue and expense accounts, the profit for the year ended December $31,2024,$ of Sharon & Laura Partnership is $$90,900.$ The partnership agreement specifies that profits and losses will be shared using the following formula.

Allocate salary allowances of $$26,700$ to Sharon and $$37,500$ to Laura.

Remaining profit $($loss$)$ is to be shared on a ratio of $2$:$1.$

At the beginning of the year, Sharon's capital account had a balance of $$32,000$ and Laura's capital account had a balance of $$23,500.$ Sharon withdrew $$1,068$ cash per month while Laura withdrew $$2,136$ per month from the partnership.

Prepare a schedule to show how the profit will be allocated to the two partners. $($Round answers to $0$ decimal places, e$.$g$.5,275.$