just need calculations and journal enteries

00 11 7 June 9 Sunny wrote Cheque #212 for the $500 owing to Hair Supplies Wholesale. 8 June 10 Sunny wrote off the A/R S. Kim account as uncollectible. S. Kim recently lost his job and Sunny and Andy feel that it is unlikely that they will receive payment of the $130 owed to them. 9 June 17 SANDY HAIR AND NAILS's received payment from Jasmine Chin for the amount of the original purchase less the return on June 4. 10 June 19 Sunny and Andy received some good news: S. Kim was able to secure a new job and he claims he will be able to pay the $130 that he owes to SANDY HAIR AND NAILS's after all. The partners reinstate the account receivable from Kim that was previously written off. June 21 A cheque for $130 from S. Kim arrives in full payment of his account. 12 June 30 Andy conducts a physical inventory and determines that SANDY HAIR AND NAILS's currently has $3,000 worth of inventory on hand. The Merchandise Inventory ledger account shows a balance of $3,080(DR). Sunny completes the required journal entry. 13 June 30 Sunny records one month's Straight Line amortization on the building. The annual rate is 5%. 14 June 30 Sunny and Andy divide the Net Income for June according to their partnership agreement. The Net Income totalled $4,400 and is to be distributed as follows: Salaries of $4 000 and $2,400 to Sunny and Andy respectively, with any remainder divided by a 3:2 income ratio. (Prior to the division, the Income Summary account has a credit balance of $4,000) June 30 Sunny prepares the entries to close the partners' drawings accounts. Prior to closing, the balances were as follows: S. Chen, Drawings $450 (DR) and A. Liu, Drawings $350 (DR). 15 CALCULATION QUESTION (4 marks) At June 30 (5 years later), SANDY HAIR AND NAILS's is liquidated. Just before the liquidation, SANDY HAIR AND NAILS's has cash of $2,800, equipment of $45,000, accumulated amortization of $31,000, accounts payable of $6,000, and the following partner capital accounts: S. Chen $9.000; A. Liu $1,800. The partners at this time share in income or losses equally. Upon liquidation, the equipment is sold for $10,000 cash, the accounts payable are paid in full, and any remaining cash is distributed to the partners. If a partner's capital account is in a deficit balance, he or she will contribute the necessary cash to the partnership to cover it. Calculate how much cash will be paid to, or received from each partner upon liquidation. Show your work. SHORT ANSWER (2 marks) When Sunny admitted Andy as a partner, he paid a bonus to Sunny. Why do you think that Andy was willing to do this? Under what circumstances would Sunny pay a bonus to Andy? 00 11 7 June 9 Sunny wrote Cheque #212 for the $500 owing to Hair Supplies Wholesale. 8 June 10 Sunny wrote off the A/R S. Kim account as uncollectible. S. Kim recently lost his job and Sunny and Andy feel that it is unlikely that they will receive payment of the $130 owed to them. 9 June 17 SANDY HAIR AND NAILS's received payment from Jasmine Chin for the amount of the original purchase less the return on June 4. 10 June 19 Sunny and Andy received some good news: S. Kim was able to secure a new job and he claims he will be able to pay the $130 that he owes to SANDY HAIR AND NAILS's after all. The partners reinstate the account receivable from Kim that was previously written off. June 21 A cheque for $130 from S. Kim arrives in full payment of his account. 12 June 30 Andy conducts a physical inventory and determines that SANDY HAIR AND NAILS's currently has $3,000 worth of inventory on hand. The Merchandise Inventory ledger account shows a balance of $3,080(DR). Sunny completes the required journal entry. 13 June 30 Sunny records one month's Straight Line amortization on the building. The annual rate is 5%. 14 June 30 Sunny and Andy divide the Net Income for June according to their partnership agreement. The Net Income totalled $4,400 and is to be distributed as follows: Salaries of $4 000 and $2,400 to Sunny and Andy respectively, with any remainder divided by a 3:2 income ratio. (Prior to the division, the Income Summary account has a credit balance of $4,000) June 30 Sunny prepares the entries to close the partners' drawings accounts. Prior to closing, the balances were as follows: S. Chen, Drawings $450 (DR) and A. Liu, Drawings $350 (DR). 15 CALCULATION QUESTION (4 marks) At June 30 (5 years later), SANDY HAIR AND NAILS's is liquidated. Just before the liquidation, SANDY HAIR AND NAILS's has cash of $2,800, equipment of $45,000, accumulated amortization of $31,000, accounts payable of $6,000, and the following partner capital accounts: S. Chen $9.000; A. Liu $1,800. The partners at this time share in income or losses equally. Upon liquidation, the equipment is sold for $10,000 cash, the accounts payable are paid in full, and any remaining cash is distributed to the partners. If a partner's capital account is in a deficit balance, he or she will contribute the necessary cash to the partnership to cover it. Calculate how much cash will be paid to, or received from each partner upon liquidation. Show your work. SHORT ANSWER (2 marks) When Sunny admitted Andy as a partner, he paid a bonus to Sunny. Why do you think that Andy was willing to do this? Under what circumstances would Sunny pay a bonus to Andy