hello , i want you guys to complete that accounting 113 course case study for me please , its the whole case put and i put it in sequence so please answer the whole case study asap , and i want the answers of whole case study not just the first part and its a one question so i cant put it as a different question so plesse do whatever but please answer that case study

1 Comprehensive Case Study - Chapters 1-4 2 Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020, SA Consulting assists 3 business owners with their accounting needs. Each partner contributed a number of items to the partnership, 4 which are listed below. All tangible assets are listed at their market value 5 6 Razul Amy 7 Cash $40,000 Cash $60,000 8 Equipment 190,000 Furniture 70,000 9 Bank Loan 80,000 Accounts Payable 30,000 10 11 On March 1, Razul and Amy added a new partner to the business Sheila Sheria will contribute $100,000 and 12 receive a 35% share of the business. Use the capital balances from January 1 to determine any bonuses. Assume 13. the existing partners will split any bonus evenly 14 15 16 During the year, Razul and Amy withdrew $20,000 and $15,000 respectively and the business reported a net income 17 of 5400,000. Their partnership agreement provided for sharing of net income foss) on the following basis. 18 19 1. Salary of 560,000 is allocated to Razul, 550,000 to Amy, and $20,000 to Sheila. 20 2. Interest is allocated at 7% of each partner's opening capital balance 21 3. Remainder is shared where Razul gets 40%, Amy gets 25%, and Sheila gets 35% a 24 a) Prepare the journal entries to record the contributions of each partner to start the partnership. 8 marks 26 Date Account Title and Explanation Debit Credit 27 a BB 9 30 31 32 33 34 35 36 37 38 39 40 41 b) Prepare a schedule showing the changes in capital and ending capital balances after the admission of Shella 42 Amy Total Razul Sheila 43 44 45 Aintor 2022 12 mark + 4 marks 48 ) Prepare the journal entry to record the admission of the new partner on March 1 49 50 Date Account Title and Explanation Debit 51 Credit 52 53 54 55 56 57 58 59 60 d) To increase revenues, SA Consulting has begun allowing customers to purchase services on account 61 They have no preference for when customers repay their accounts to encourage customers to buy from 62 SA Consulting rather than its competitors who have strict credit terms 63 64 List 2 deficiencies you can see with how SA Consulting manages its accounts receivable 65 2 marks 2 marks 73 e) On April 7, 2020. John's Jacks, a cient, contacted Razul with a question regarding bad debt lohn 74 stated that his customer said they were filling for bankruptcy Give the journal entry to record the S2000 75 owed by the customer given that John's Jacks uses the direct method of accounting for bad debts 76 77 Date Account Title and Explanation Debit Credit 78 79 80 81 82 83 On November 22, 2021, the customer informs John's Jacks that they can pay the bad debt because they 84 had won a lawsuit against another business. Record the subsequent collection of the amount owed 85 86 Date Account Title and Explanation Debit Credit 87 88 99 90 91 92 93 = 4 marks 0888 95 Why might the above treatment of the bad debt not be considered acceptable in accordance with 96 ASPE? 97 98 99 2 marks 100 101 102 103 104 T05 In reviewing the records for a client, Golden Grain Company. Amy noted the following items in the company's 106 capital assets. Golden Grain Company has adopted a partial-year depreciation policy, where depreciation is taken 107 on a monthly basis 108 109 150 1111 1 On March 31, 2020, Golden Grain spent $15,000,000 to purchase and that already comes with a building, which 312 the company will use as a warehouse. The land has a fair value of 512.000.000 and the building as a fair value of 58,000,000 on the date of the purchase. The building has residual value of $2,000,000 and is expected to bring 113 future economic benefits to the company whyover its expected useful life of 20 years. Because land and 114 building were acquired together as a bull purchase and because the building is attached to the land, the intem 115 recorded the 516 000 000 purchase Simply as a debit to building and credit to cash A B D E G H K 2. On July 1, 2020, the company purchased a patent at a cost of $500,000. The patent has a legal life of 20 years even though its useful life is expected to be only 10 years. The intern recorded the purchase as a debit to patent and credit to cash for $500,000. 3. On November 30, 2020, the building incurred some water damage. The company spent $30,000 to repair the damage. The intern capitalized this cost by debiting building and crediting cash for $30,000 For each of the above events, comment on whether the intern's treatment of the event correctly follows ASPE. If the 6 marks intern was wrong, suggest what she should have done. B) On November 15, 2020, a client, Hanson Company, called to ask for advice in recording a journal entry On June 1, 2020, Hanson Company borrowed a $500,000 note payable with a term of four years, bearing an annual interest rate of 8% of this note, 5100,000 plus interest is payable every May 31. Hanson has a November 30 year end, and it prepares adjusting entries and financial statements only once a year Prepare the journal entry to record the cash receipt from the arranged note Debit Credit Account Title and Explanation 2 marks Date Prepare the required adjusting entry on November 30 Debit Credit 2 marks Date Account Title and Explanation 3 + Winter 2022 2 marks 174 175 176 What would be the total note payable balance on May 31, 2021? How much of the loan would be considered 177 current? 178 179 Total note payable 180 Current portion 181 182 h) Prepare the journal entry to record the partner withdrawals of cash at December 31 for 5C Consulting 183 Debit Credit 184 Date Account Title and Explanation 185 186 187 3 marks 189 190 191 15 marks 193 e) Prepare a schedule showing the allocation of the net income to the partners of SC Consulting at year end 194 195 Total Razul Amy Sheila 196 Net Income $400,000 197 198 199 200 201 202 203 204 205 8 marks 1) Prepare the journal entries to record the distribution of net income and the closing of the withdrawals accounts 206 Assume revenues and expenses have been closed to the income summary account 207 Debit Credit 208 Account Title and Explanation Date 209 210 211 25 8) After dividing the income for the year, all parties agreed to liquidate the partnership. The values of the assets 26 and liabilities are shown below. The furniture is sold for $54,000 and all other assets are sold at their given 27 values. Any gains or losses from liquidation are split evenly among all partners 28 29 Cash $482,000 30 Accounts Receivable 50,000 31 Net Equipment 247,000 32 Net Furniture 84,000 33 Accounts Payable 36,000 34 Bank Loan 112,000 235 236 Prepare the journal entries to sell the assets, distribute any gains or losses to the partners, pay the abilities and 16 marks 237 distribute the cash to the partners 238 Debit Credit 239 Date Account Title and Explanation 240 241 242 243 244 245