Hello, please help me solve this problem by completing the excel sheets. Thank you!
Partnership A, B, and C is a law firm. You have been engaged as accountant to prepare financial statements for the year ended December 31, 2019. The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). 'Salary expenses' listed on the trial balance are each partners' withdrawals for the year. Partnership profits are allocated based first on salaries, then on interest on opening capital balances, then on a fixed ratio. Salary allocation amounts are: A $100,000 $100,000 $160,000 Opening capital balances are: A $70,000 B $60,000 $70,000 Interest rate is: 5% The fixed ratio is: A IN CO 3 5 Required 1 Prepare year-end adjusting entries. No descriptions are necessary. 2 Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry. 3 Post the adjusting entries and complete the trial balance. 4 Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31.Part B (2020) a. On December 31, 2020 new partner D invests other assets into the partnership for a one- quarter ownership interest. An equal amount of capital is contributed by A, B, and C to make up the difference. At December 31, 2020, the partners' capital balances are as follows: A $200,000 B 180,000 190,000 $ 570,000 Fair value of other assets from D $50,000 b. Immediately after this, partner C withdraws from the partnership. She is paid in cash the balance in her capital account plus a bonus, contributed equally from the capital balances of A, B, and D. Bonus paid to C $ 18,000 Required 5 Prepare necessary adjusting entries at December 31, 2020 to record the admission of partner D and the withdrawal of partner C. Show all calculations.Part C (2021 and 2022) The trial balance of A, B, and D at December 31, 2021 after all adjustments have been made is as follows: Adjusted Balances Account Title Debit Credit Cash 83,000 Other Assets 80,000 Accounts Payable 140,000 A, Capital 7,000 B, Capital 7,000 C, Capital 9,000 163,000 163,000 On January 1, 2022 the partnership is liquidated. Other assets are sold for: $144,000 Gains and losses are liquidated in a ratio of: A 3 IN D 5 Required 6 Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume any partner deficiency (debit balance) is repaid with cash by the applicable partner. 7 Prepare the journal entries to record the liquidation.AutoSave . Off) H CH12_AustinGreen - Excel austinwaltergreen@gmail.com A X File Home Insert Draw Page Layout Formulas Data Review Help Search Share Comments X Cut Calibri - 12 AA ap Wrap Text General AutoSum - Ap [A Copy Fill - 4 Paste E= = E Merge & Center . Conditional Format as Cell Insert Delete Format Clear - Ideas Format Painter BIU - - DA- Sort & Find & Formatting - Table . Styles Filter . Select Clipboard Font Alignment Number Styles Cells Editing Ideas A1 X Y A B C DEF G H J K L M N O P Q R A B C Total Amount of profit Salary allocation Balance Interest allocation: Opening 10 00 cap. Rate A 10 B 11 C 12 Balance 13 Fixed ratio allocation 14 A 15 B 16 17 Balance 18 Allocated to partners 19 20 Requ. 5 | Requ. 1 to 4 | Requ. 6 to 7 | Gen. Jnl. Alloc. Trial Bal. Fcl. Stmts. | Part. Liqu. Copyright | + - + 130% Type here to search O L w 63% 1:01 AM 7/17/2020AutoSave . Off) X H CH12_AustinGreen - Excel austinwaltergreen@gmail.com A File Home Insert Draw Page Layout Formulas Data Review Help Search Share Comments X Cut Calibri - 12 AA ap Wrap Text General AutoSum - Ap O [A Copy Fill - 4 Paste BIU - H - DA- E E Merge & Center - Conditional Format as Cell Insert Delete Format Sort & Find & Format Painter Formatting - Table . Styles Clear - Ideas Filter - Select Clipboard Font Alignment Number Styles Cells Editing Ideas A2 X Y B C D E F G H K L M N P Q R S T U V W X Y Z AA A 15 O VQUI A WN A, B, and C Income Statement For the Year Ended December 31, 2019 A, B, and C Statement of Partners' Capital For the Year Ended December 31, 2019 18 A B C Total Bal. at Jan 1, 2019 Bal. at Dec. 31, 2019 25 A, B, and C 26 Balance Sheet 27 At December 31, 2019 28 29 Assets Liabilities 30 31 32 33 Partners' Equity 34 36 37 38 Requ. 5 | Requ. 1 to 4 | Requ. 6 to 7 | Gen. Jnl. | Alloc. | Trial Bal. Fcl. Stmts. Part. Liqu. Copyright + + 82% L W 62% 1:02 AM Type here to search O 9 7/17/2020AutoSave . Off) H CH12_AustinGreen - Excel austinwaltergreen@gmail.com A X File Home Insert Draw Page Layout Formulas Data Review Help Search Share Comments X Cut - 12 AA al Wrap Text General AutoSum - Ap O 4 Paste [A Copy Calibri Fill - BIU - - LA- E Merge & Center Conditional Format as Cell Insert Delete Format Sort & Find & Ideas Format Painter Formatting - Table . Styles Clear - Filter . Select Clipboard Font Alignment Number Styles Cells Editing Ideas B2 X fx GENERAL JOURNAL A B C D E F G H K M N O P Q R 1 A, B, and C - W N GENERAL JOURNAL Debit Credit O UT Description 20 21 22 23 24 25 Requ. 5 | Requ. 1 to 4 | Requ. 6 to 7 Gen. Jnl. Alloc. Trial Bal. | Fcl. Stmts. | Part. Liqu. Copyright | + - + 100% Type here to search O 9 L W 63% 1:00 AM 7/17/2020AutoSave . Off) H CH12_AustinGreen - Excel austinwaltergreen@gmail.com A X File Home Insert Draw Page Layout Formulas Data Review Help Search Share Comments X Cut Calibri - 12 AA al Wrap Text General AutoSum - Ap O Fill - 4 Paste [A Copy Format Painter BIU -B- DA E E Merge & Center Conditional Format as Cell Insert Delete Format Sort & Find & Formatting - Table . Styles Clear - Ideas Filter . Select Clipboard Font Alignment Number Styles Cells Editing Ideas B2 x v fx A, B, and D A BCD E F G H I K L M N P Q R S T U V W X Y Z AA N A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Accounts Cash Other assets payable Partners' capital A B D Opening balance 10 11 Allocation of gain (loss) 12 Amount Ratio 13 14 15 OOD 16 17 18 19 20 21 22 23 24 25 26 Requ. 5 | Requ. 1 to 4 | Requ. 6 to 7 | Gen. Jnl. | Alloc. | Trial Bal. Fcl. Stmts. Part. Liqu. Copyright | + - + 100% Type here to search O L W 62% 1:03 AM 7/17/2020AutoSave . Off) H CH12_AustinGreen - Excel austinwaltergreen@gmail.com A X File Home Insert Draw Page Layout Formulas Data Review Help Search Share Comments X Cut Calibri - 12 AA al Wrap Text General AutoSum - Ap O Fill - 4 Paste [ Copy Format Painter BIU - - DA E Merge & Center Conditional Format as Cell Insert Delete Format Formatting - Table . Styles Clear - Sort & Find & Ideas Filter . Select Clipboard Font Alignment Number Styles Cells Editing Ideas A1 X v fx A, B, and C A B C DE F G HI J K M N O P Q R S T A, B, and C Trial Balance w At December 31, 2019 Unadjusted Balances Adjusting Entries Adjusted Balances Account Title Debit Credit # Debi Credit # Debit Credit Cash 90,000 8 Accounts Receivable 400,000 9 Accounts Payable 40,000 10 A, Capital 120,000 11 A, Withdrawals 12 B, Capital 170,000 13 B, Withdrawals 14 C, Capital 160,000 15 C, Withdrawals 16 Income Summary 17 Fees Revenue 870,000 18 Office Expense 500,000 19 Salaries Expense - A 130,000 20 Salaries Expense - B 140,000 21 Salaries Expense - C 100,000 22 1,360,000 1,360,000 23 24 25 26 27 Requ. 5 | Requ. 1 to 4 | Requ. 6 to 7 | Gen. Jnl. | Alloc. Trial Bal. Fcl. Stmts. Part. Liqu. Copyright | + - + 100% 9 1:01 AM Type here to search O L W 63% 7/17/2020
