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I need help with this problem. It is due this weekend. Some numbers were switched around - 1 S Merge e Center Font Alignment NE
I need help with this problem. It is due this weekend. Some numbers were switched around
- 1 S Merge e Center Font Alignment NE D E F H K 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 $100,000 C $160,000 B Opening capital balances are: $70,000 B $60,000 C $70,000 interest rate is: 5% The fixed ratio is: Alloc Gen. Jnl. Trial Bal. Fcl, Stmts. Requ. 1 to 4 Requ. 5 Requ. 6 to 7 O EM Type here to search Sha Align Ti Group Selection Rotate Pane Ering Send ward Backward Arrange 2 Part B (2020) a. On December 31, 2020 new partner Dinvests other assets into the partnership for a one quarter ownership interest. An equal amount of capital is contributed by A, B, and to make up the difference. At December 31, 2020, the partners' capital balances are as follows: $200,000 180,000 190,000 $ 570,000 A B C 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. Indent Spacing Breaks 2-Line Numbers s Orientation Sze Columns be Hyphenation Left 0 Before - TET Right 0" After: Page Setup Paragraph Port 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 Balonces 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 B 2 D Required 6 Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume any partner deficiency (debit balance) Is repald with cash by the applicable partner. 7 Prepare the journal entries to record the liquidation. @vvords o Type here to search
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