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Calculate the division of profit to each partner

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Question - The Pharoah Partnership reported profit of $60,100 for the year ended February 28, 2021. Salary allowances are $53,300 for H. Mills and $27,200 for S. Stone. Interest allowances of 6% are calculated on each partner's opening capital account balance. Capital account balances at March 1, 2020, were as follows: H. Mills $73,800 (Cr.) and S. Stone $48,300 (Cr.). Any remainder is shared equally. Calculate the division of profit to each partner.

Reference no: EM132936643

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