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Kindrob Company reports profit of $144,000 for the year ended May 31.pdf

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Kindrob Company reports profit of $144,000 for the year ended May 31, 2024. The partnership agreement specifies (1) salary allowances of $60,000 for K. Kindle and $48,000 for M. Roberts, (2) an interest allowance of 4% based on average capital account balances, and (3) sharing any remainder on a 60:40 basis (60% to Kindle, 40% to Roberts). Average capital account balances for the year were $80,000 for Kindle and $60,000 for Roberts. How much is the profit allocated to Kindle? a $63,200 b $81,440 c $78,240 d $75,040.

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Kindrob Company reports profit of $144,000 for the year ended May 31, 2024. The partnership agreement specifies (1) salary allowances of $60,000 for K. Kindle and $48,000 for M. Roberts, (2) an interest allowance of 4% based on average capital account balances, and (3) sharing any remainder on a 60:40 basis (60% to Kindle, 40% to Roberts). Average capital account balances for the year were $80,000 for Kindle and $60,000 for Roberts. How much is the profit allocated to Kindle? a $63,200 b $81,440 c $78,240 d $75,040

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