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The Sheridan Partnership reported profit of $55,200 for the year ended February 29, 2024. Salary allowances are $41,400 for H. Wilson and $23,000 for
The Sheridan Partnership reported profit of $55,200 for the year ended February 29, 2024. Salary allowances are $41,400 for H. Wilson and $23,000 for S. Anderson. 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. Wilson $66,000 (Cr.) and S. Anderson $43,000 (Cr.). Any remainder is shared equally. Calculate the division of profit to each partner. Profit allocated to partners $ +A H. Wilson $ +A S. Anderson
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