i need this done by 3pm, no excel....all the problems and exercises are in the attachment file.

PONTIFICIA UNIVERSIDAD CATOLICA DE PUERTO RICO MAYAGUEZ CAMPUS PRIMER EXAMEN PARCIAL ACCT 419 Name________________________________________Date____________________________________ 1. Joey and Rachel are partners whose capital balances are $400,000 and $300,000 and who share profits 3:2. Due to a shortage of cash, Joey and Rachel agree to admit Ross to the firm. Required: (20 points) Prepare the journal entries required to record Ross's admission under each of the following assumptions: (a) Ross invests $200,000 for a 1/4 interest. The total firm capital is to be $900,000. (b) Ross invests $300,000 for a 1/4 interest. Goodwill is to be recorded. (c) Ross invests $150,000 for a 1/5 interest. Goodwill is to be recorded. (d) Ross purchases a 1/4 interest in the firm, with 1/4 of the capital of each old partner transferred to the account of the new partner. Ross pays the partners cash of $250,000, which they divide between themselves. 2. The partnership agreement of Sleeter, Frisco, and Kinney provides for annual distribution of profit and loss in the following sequence: - Frisco, the managing partner, receives a bonus of 10% of net income. - Each partner receives 5% interest on average capital investment. - Residual profit or loss is to be divided 4:2:4. Average capital investments for 2017 were: Sleeter Frisco Kinney $270,000 $180,000 $120,000 Required: (30 points) A. Prepare a schedule to allocate net income, assuming operations for the year resulted in: 1.Net income of $75,000. 2. Net income of $15,000. 3. Net loss of $30,000. B. Prepare the journal entry to close the Income Summary account for each situation above. 3. David, Paul, and Burt are partners in a CPA firm sharing profits and losses in a ratio of 2:2:3, respectively. Immediately prior to liquidation, the following balance sheet was prepared: Assets Cash Noncash assets $ 100,000 580,000 Total Assets _______ $680,000 Liabilities & Equities Liabilities David, Capital Paul, Capital Burt, Capital Total Liabilities & Equities $280,000 160,000 160,000 80,000 $680,000 Required: (25 points) Assuming the noncash assets are sold for $160,000, determine the amount of cash to be distributed to each partner assuming all partners are personally solvent. Complete the worksheet and clearly indicate the amount of cash to be distributed to each partner in the spaces provided. Cash 100,000 Beginning Bal. Noncash Assets 580,000 Liabilities 280,000 David Capital 160,000 Paul Capital 160,000 Burt Capital 80,000 4. The NOR Partnership is being liquidated. A balance sheet prepared prior to liquidation is presented below: Assets Cash Other Assets Total Assets $240,000 300,000 $540,000 Liabilities & Equities Liabilities $ 160,000 Rice, Loan 60,000 Nutt, Capital 180,000 Ohm, Capital 60,000 Rice, Capital 80,000 Total Equities $540,000 Nutt, Ohm, and Rice share profits and losses in a 40:40:20 ratio. All partners are personally insolvent. Required: (25 points) A. Prepare the journal entries necessary to record the distribution of the available cash. B. Prepare the journal entries necessary to record the completion of the liquidation process, assuming the other assets are sold for $120,000