Using the two profit/loss amounts from the table above and an Excel Spreadsheet, create a table showing the distribution of Profit or Loss to the partners. Include under the table, the journal entries to distribute the profit or loss. The distribution must include salaries, interest, and distribution to the partners.

On January 1, 2018, Ima sample and Ura Student decided to form the Student-Sample partnership. The information for the partnership is as follows:

2018 Profit/ (Loss)	$100,000
2019 Profit/(Loss)	(20,000)

1. Ima Capital $17,500
   Ima Salaries $70,000

2. Ura Capital $24,000

3. Each partner is entitled to 6% per year for interest on their original investment and to be charged an interest of 10% per year

4. Partner 1 Ima Sample:Cash $20,000 ,Equipment $11,500, Credit card $14,000

5. Partner 2 Ura Student Cash $24,000

6. Ura Salaries $50,000

   profits and losses will be divided (60/40)

Answer rating: 100% (QA)

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