help with req 1-4
LOT is a partnership owned by Land, Oven, and Tackman. The partners' profit-and-loss-sharing ratio is 1:1:2, respectively. The adjusted trial balance of the partnership at November 30, 2018, follows: (Click the icon to view the trial balance.) Read the requirements: Requirement 1. Prepare a statement of partners' equity for the month ended November 30, 2018. Use a separate column for each partner in the statement of partners' equity. Assume no new capital contributions during November. LOT Statement of Partners' Equity Month Ended November 30, 2018 Land Oven Tackman Total Capital, November 1, 2018 90000 65000 40000 195000 Net loss 8000 2000 6000 16000 Partner withdrawals Capital, November 30, 2018 Requirements 1. Prepare a statement of partners' equity for the month ended November 30, 2018. Use a separate column for each partner in the statement of partners' equity. Assume no new capital contributions during November, 2. Prepare the four closing entries for the month ended November 30, 2018. 3. Tackman decides to withdraw from the partnership on December 1, 2018. Her settlement includes all the Merchandise Inventory and all of the Cash in exchange for her equity interest in the partnership 4. Immediately after Tackman's withdrawal, Land and Oven decide to liquidate the partnership. They sell the building for $172,000. Then they pay the liabilities and distribute the cash to complete the liquidation. Journalize these liquidation entries. Assume the profit-and-loss-sharing ratios remain the same. LOT Adjusted Trial Balance November 30, 2018 Balance Account Title Debit Credit Cash 18,000 Merchandise Inventory 5,000 Building 240,000 Accumulated Depreciation-Building 40,000 Accounts Payable 14,000 Mortgage Payable 45,000 Land, Capital 90,000 Oven, Capital 65,000 Tackman, Capital 40,000 Land, Withdrawals 8,000 Oven, Withdrawals 2,000 Tackman, Withdrawals 6,000 Sales Revenue 72,000 Cost of Good Sold 44,000 Salaries Expense 28,000 Rent Expense 15,000 Total 366,000 $ 366,000