Check my work Lewis Wardell and Lewis Lomas own Lewis' Antiques. Their partnership agreement provides for annual salary allowances of $200,000 for Wardell and $180,000 for Lomas, and Interest of 10 percent on each partner's invested capital at the beginning of the year. The remainder of the net income or loss is to be distributed 50 percent to Wordell and 50 percent to Lomas. The partners withdraw their salary allowances monthly. On January 1, 2019, the capital account balances were Wardell, $600,000, and Lomas, $560,000. On December 15, 2019, Lomas made a permanent withdrawal of $55,000. The net Income for 2019 was $640,000. 1. Prepare the general Journal entry on December 15, 2019, to record the permanent withdrawal by Lomas. 2. Prepare the general journal entries on December 31, 2019, to: a. Record the salary allowances for the year. b. Record the Interest allowances for the year. c. Record the division of the balance of net income. d. Close the drawing accounts into the capital accounts, assuming that Wardell and Lomas have withdrawn their full salary allowances 3. Prepare a schedule showing the division of net income to the partners as it would appear on the income statement for 2019 4. Prepare a statement of partners' equities showing the changes that took place in the partners' capital accounts during 2019 Analyze: By what percentage did Wardell's capital account increase in the fiscal year 2019? Complete this question by entering your answer in the tabs below. Required 1 Required 2 Required 3 Required 4 Analyze Prepare the general journal entry on December 15, 2019, to record the permanent withdrawal by Lomas. View transaction list Journal entry worksheet 1 Record permanent withdrawal of cash by Lomas. Note: Enter debits before credits. General Journal Debit Credit Date Dec 15, 2019 Record entry Clear entry View general Journal Complete this question by entering your answer in the tabs below. Required 1 Required 2 Required 3 Required 4 Analyze Prepare the general journal entries on December 31, 2019. View transaction list Journal entry worksheet Record the salary allowances for the year. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2019 Record entry Clear entry View general Journal Required 1 Required 2 Required 3 Required 4 Analyze Prepare the general journal entries on December 31, 2019. View transaction list Journal entry worksheet 1 2 3 4 5 > Record the interest allowances for the year. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019 Record entry Clear entry View general Journal Complete this question by entering your answer in the tabs below. Required 1 Required 2 Required 3 Required 4 Analyze Prepare the general journal entries on December 31, 2019. View transaction list Journal entry worksheet Record the division of the balance of net income. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2019 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Analyze Prepare the general journal entries on December 31, 2019. View transaction list Journal entry worksheet Complete this question by entering your answer in the tabs below. Required 1 Required 2 Required 3 Required 4 Analyze Prepare a statement of partners' equities showing the changes that took place in the partners' capital accounts during 2019. LEWIS'S ANTIQUES Statement of Partners' Equities Year Ended December 31, 2019 Lewis Wardell Lewis Lomas Total Capital Balances, January 1, 2019 Capital Balances, December 31, 2019 Complete this question by entering your answer in the tabs below. Required 1 Required 2 Required 3 Required 4 Analyze By what percentage did Wardell's capital account increase in the fiscal year 2019? (Round your answer to 1 decimal place (.e., 0.123 should be entered as 12.3).) Wardell's capital account increased by % Required 4
