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Final Exam X + X C A classroom.google.com/u/0/c/MTYxNZcxNTMOMTE1/a/MjQxNjc1MzM2Mzg2/details F 1.JPG Open with DocHub - PDF Sign a. . . Final Exam ... Your work Assigned Vinay Yarlagadda . 9:04 AM 100 points Due Dec 15, 9:00 AM + Add or create 1. Answer On June 1, 2020, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $292,000 2. You have cash and $384,000 of equipment, respectively. The partnership also assumed responsibility for a $52,000 note payable associated 3. You can with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $ 162,000, both are to 4. Good L receive an annual interest allowance of 10% of their original capital investments, and any remaining profit or loss is to be shared 40/60 (to Bow and Adams, respectively). On November 20, 2020, Adams withdrew cash of $112,000. At year-end, May 31, 2021, the Income Summary account had a credit balance of $500,000. On June 1, 2021, Peter Williams invested $132,000 and was admitted to the partnership for a 20% interest in equity. Required 1. Prepare journal entries for the following dates: a. June 1, 2020 b. November 20, 2020 c. May 31, 2021 d. June 1, 2021 2. Calculate the balance in each partner's capital account immediately after the June 1, 2021, entry. Class comments Add class comment. (? + Type here to search O Final Exam - Googl. 1:59 PM 12/8/2020Final Exam X + X C A classroom.google.com/u/0/c/MTYxNZcxNTMOMTE1/a/MjQxNjc1MzM2Mzg2/details F 2.JPG Open with DocHub - PDF Sign a. . . Final Exam . .. Your work Assigned Vinay Yarlagadda . 9:04 AM 100 points Due Dec 15, 9:00 AM + Add or create 1. Answer all the five questions Mark as done 2. You have 1 week to do it. Submit your solutions here once done. 3. You can do it on a paper and upload the pics, however it is highly recommended to do it in Excel or word. 4. Good Luck! Barth, Holt, and Tran have been partners of a ski, snowboard, and mountain bike shop in Whistler, BC, called Storm. Based on the partnership agreement, they share profit and losses in a 6:2:2 ratio. On November 30, the date Tran retires from the partnership, the equities of the partners are Barth, $317,000; Holt, $212,000; and Tran, $92,000. Present general journal entries to record Tran's retirement under each of the following unrelated assumptions: iment.. a. Tran is paid $92,000 in partnership cash for his equity. b. Tran is paid $ 124,000 in partnership cash for his equity. c. Tran is paid $76,000 in partnership cash for his equity. 5.JPG Image Class comments Add class comment (? + Type here to search O Final Exam - Googl. 1:59 PM 12/8/2020Final Exam X + X C A classroom.google.com/u/0/c/MTYxNzcxNTMOMTE1/a/MjQxNjc1MzM2Mzg2/details F 4.JPG Open with DocHub - PDF Sign a. . . Final Exam Vinay Yarlaga Keith Williams and Brian Adams were students when they formed a partnership several years ago for a part-time business called Assigned Music Works. Adjusted trial balance information for the year ended December 31, 2020, appears below. 100 points create Account Balance" Account Balance 1. Answer all Accounts payable...... ..... $ 9,500 Keith Williams, capital**. $ 28,300 done 2. You have 1 Accumulated depreciation.. 75,000 Keith Williams, withdrawals... 50.000 3. You can do 4. Good Luck! Brian Adams, capital**.. 22,000 Note payable, due May 2022*#*.. 120,000 Brian Adams, withdrawals.. 60,000 Office supplies. 16,000 Cash.......- 208,000 Revenues.. 480,000 Equipment.. 300,000 Utilities payable 1.200 omment.. E Expenses.. 102,000 Assume all account balances are normal. ."The partners made no investments during the year. ...$40.000 of the note payable is due in May 2021. Required 1. Prepare calculations that show how the profit should be allocated to the partners assuming the partnership agreement states that profit/(losses) are to be shared by allowing a $90,000 per year salary allowance to Williams, a $150,000 per year salary allowance to Adams, and the remainder on a 3:2 ratio. Class comme 2. Prepare the journal entry to close the Income Summary account to the partners' capital accounts. 3. Prepare a statement of changes in equity and a classified balance sheet. (? + O Final Exam - Googl. 1:59 PM Type here to search 12/8/2020Final Exam X + X C A classroom.google.com/u/0/c/MTYxNZcxNTMOMTE1/a/MjQxNjc1MzM2Mzg2/details F 5.JPG Open with DocHub - PDF Sign a. . . Eyelash Extension Co.'s liabilities as reported on the June 30, 2020, balance sheet are shown below, along with its statement of changes in equity. Final Exar Accounts payable. $179,400 Assigned Vinay Yarlagadda . Notes payable, due 2022. 480,000 100 points Total liabilities.. $659.400 Add or create Eyelash Extension Co. 1. Answer all the five Statement of Changes in Equity ark as done 2. You have 1 week For Year Ended June 30, 2020 3. You can do it on a Jan Suzette, capital, June 30, 2019.. $481,000 4. Good Luck! Profit.. 196,400 Total... $677,400 ents Less: Withdrawals. 285,000 Jan Suzette, capital, June 30, 2020. $392,400 vate comment. E Jan is selling the business. A potential buyer has hired an accountant to review the accounting records and the following was discovered: a. Eyelash Extension Co. began selling a new product line this past year that offered a warranty to customers. It is expected that $48,000 of warranty work will result next year based on first-year sales. No entry was prepared on June 30 to show this. b. Annual property taxes of $20,690 are due July 31, 2020; the income statement shows only one month of property expense resulting from an entry correctly recorded on July 31, 2019 c. Interest on the notes payable is paid quarterly. No entry has been recorded since the last quarterly payment of $8,200 on May 1, 2020. d. $16,200 of new office furniture was purchased on account and received on June 28. This transaction has not been recorded. e. Unearned revenue of $21,000 has been included on the income statement. Class comments Required Using the information provided, prepare a corrected statement of changes in equity and liabilities section of the balance sheet (ignore PST/GST and round all calculations to the nearest whole dollar). Analysis Component: Which GAAP is violated when accrued liabilities are not recorded? Explain your answer. (? + Type here to search O Final Exam - Googl. 2:00 PM 12/8/2020