Qustior 1 Question 1 ABC Partnership has a profit of $150,000 for the year ended December 31, 2011. The partnership agreement states that profit and losses are to be distributed using salary...

Extracted text: Qustior 1 Question 1 ABC Partnership has a profit of $150,000 for the year ended December 31, 2011. The partnership agreement states that profit and losses are to be distributed using salary allowances, interest allowances, and a ratio for the remainder. Information about the agreement and the balance of the Drawings accounts is contained in the table below. dose Adams $35,000 Baker $45,000 Соорer $20,000 Salary allowance Shif $85,000 $65,000 $50,000 Interest of 10% based upon their average capital balances which are: Remainder shared in this ratio Ctrl 2. 1 Prepare a detailed schedule to show how the profit would be allocated among the three (а) partners. (b) Assume that the revenue and expense accounts have been closed. Prepare the remaining closing entries.