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Veda Storey and Gordon Rogers have a partnership agreement with the following provisions for sharing profit or loss: 1. A salary allowance of $29,600
Veda Storey and Gordon Rogers have a partnership agreement with the following provisions for sharing profit or loss: 1. A salary allowance of $29,600 to Storey and $41,000 to Rogers 2 An interest allowance of 6% on capital balances at the beginning of the year 3. The remainder to be divided between Storey and Rogers on a 2:3 basis The capital balances on January 1, 2021, for Storey and Rogers were $80,000 and $99,000, respectively. For the year ended December 31, 2021, the Crane Partnership had sales of $340,000; cost of goods sold of $252,000; operating expenses of $135,000: V. Storey drawings of $24,000; and G. Rogers drawings of $30,600.
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