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FULL SCREEN PRINTER VERSION BACK NET Question 21 After closing the revenue and expense accounts,...

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FULL SCREEN PRINTER VERSION BACK NET Question 21 After closing the revenue and expense accounts, the profit for the year anded December 31, 2021 of the Met & Ryan partnership is $26,000. 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 $18,590 to Mitt and $13,290 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 $31,100 and Ryan's capital account had a balance of $33,300. Mitt withdrew $1,040 cash per month while Ryan withdrew $1,249 per month from the partnership. During the year, Mitt made an additional Investment of $5,200 cash into the partnership (a) Prepare a schedule to show how the profit or loss will be allocated to the two partners. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) MITT & RYAN Division of Profit Year Ended December 31, 2021 Ryan Total Mitt Profit Interest allowance Mitt Ryan Total in Wysons

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