After Closing The Revenue And Expense Accounts The Profit For The Year Ended December 31 2021 Of The Mitt Ryan Partn 1 (24.22 KiB) Viewed 10 times
After Closing The Revenue And Expense Accounts The Profit For The Year Ended December 31 2021 Of The Mitt Ryan Partn 2 (23.56 KiB) Viewed 10 times
After Closing The Revenue And Expense Accounts The Profit For The Year Ended December 31 2021 Of The Mitt Ryan Partn 3 (27.15 KiB) Viewed 10 times
After Closing The Revenue And Expense Accounts The Profit For The Year Ended December 31 2021 Of The Mitt Ryan Partn 4 (27.97 KiB) Viewed 10 times
After closing the revenue and expense accounts, the profit for the year ended December 31, 2021 of the Mitt & Ryan partnership is $25,600. The partnership agreement specifies that profits and losses will be shared using the following formula. 1. Allocate profit by a 5% interest allowance on the partners' beginning capital balances. 2. Allocate salary allowances of $18,120 to Mitt and $12.720 to Ryan. 3. Remaining profit (loss) is to be shared on a ratio of 8:5. At the beginning of the year, Mitt's capital account had a balance of $31.000 and Ryan's capital account had a balance of $33,200. Mitt withdrew $1,020 cash per month while Ryan withdrew $1,220 per month from the partnership. During the year. Mitt made an additional investment of $5,200 cash into the partnership.
Profit Interest allowance Mitt Ryan Total Profit remaining for allocation Salary allowance Mitt Ryan Total Mitt Year Ended December 31, 2021 Ryan 0000 000 000 Total
+ # Med MITT & RYAN Statement of Partners' Equity Year Ended December 31, 2021 Mitt o 42 ULI $ Ryan Total
Date Account Titles and Explanation Dec. 31, 2021 Dec. 31, 2021 (To close profit/loss to capital accounts) (To close drawings account of partners) Debit III Credit
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