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PICTURE TOOLS Chapter 12 Assignment_revised 051620 - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW FORMAT samantha bell Picture 2 v fx C D E F G H J K L M N 0 P Q R S T U V w X Y Z AA AB AC IMI A WN 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: $100,000 13 $100,000 14 $160,000 15 16 Opening capital balances are: 17 A $70,000 CO $60,000 $70,000 Interest rate is: 5% IN! The fixed ratio is: 23 A 24 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. 34 4 Prepare an income statement and statement of partners' capital for the year ended 35 December 31, 2019 and a balance sheet at December 31. 36 -O- 37 38 39 Requ. 1 to 4 Requ. 5 Requ. 6 to 7 | Gen. Jnl. | Alloc. Trial Bal. Fcl. Stmts. Part. Liqu. | Copyright + READY CALCULATE W -- 83% Type here to search 17 (( ' ) ) 7:39 PM 10/4/2020PICTURE TOOLS Chapter 12 Assignment_revised 051620 - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW FORMAT samantha bell Picture 2 X V fx A B C D E F G H J K L M N O P Q R S T U V W N 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: $200,000 180,000 190,000 10 $ 570,000 11 12 13 Fair value of other $50,000 14 assets from D 15 16 b. Immediately after this, partner C withdraws from the partnership. She is paid in cash the 17 balance in her capital account plus a bonus, contributed equally from the capital balances 18 of A, B, and D. 19 Bonus paid to C $ 18,000 20 21 Required 22 5 Prepare necessary adjusting entries at December 31, 2020 to record the admission of 23 partner D and the withdrawal of partner C. Show all calculations. 24 25 26 27 28 29 30 31 32 Requ. 1 to 4 Requ. 5 Requ. 6 to 7 | Gen. Jnl. | Alloc. Trial Bal. Fcl. Stmts. Part. Liqu. | Copyright + READY CALCULATE W -- 100% Type here to search 7:40 PM 10/4/2020Chapter 12 Assignment_revised 051620 - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW samantha bell Q10 X V fx B C D E F G H J K L M N O P Q R S T U V A IUI AWN 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 80,000 10 Other Assets Accounts Payable 140,000 11 7,000 12 A, Capital B, Capital 7,000 13 C, Capital 9,000 14 163,000 163,000 15 16 17 On January 1, 2022 the partnership is liquidated. $144,000 18 Other assets are sold for: 19 20 Gains and losses are liquidated in a ratio of: 21 A 3 22 CO 23 UI N 24 25 Required 26 6 Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume any 27 partner deficiency (debit balance) is repaid with cash by the applicable partner. 28 29 7 Prepare the journal entries to record the liquidation. 30 31 Requ. 1 to 4 | Requ. 5 Requ. 6 to 7 Gen. Jnl. Alloc. Trial Bal. Fcl. Stmts. Part. Liqu. |Copyright + READY CALCULATE W -- 102% Type here to search 7:40 PM 10/4/2020
