Reference no: EM132669752
Veda Storey and Gordon Rogers have a partnership agreement with the following provisions for sharing pro?t or loss:
1. A salary allowance of $29,500 to Storey and $39,500 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 $76,000 and $96,000, respectively. For the year ended December 31, 2021, the Sheridan Partnership had sales of $337,000; cost of goods sold of $250,000; operating expenses of $132,000; V. Storey drawings of $23,000; and G. Rogers drawings of $31,400.
Problem 1: Prepare an income statement for Sheridan Partnership for the year.
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