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Keith Willarms and Brian Adarns were students when they formed a partnership several years ago for a part-time business called Music Works. Adjusted trial balance
Keith Willarms and Brian Adarns were students when they formed a partnership several years ago for a part-time business called Music Works. Adjusted trial balance information for the year ended December 31. 2020, appears below. "Assume all account balances are normal. "The partners made no investments during the year. -..560,000 of the note payable is die tin May 2021 Required: 1. Prepare calculations that show how the profit should be allocated to the partners aspuming the partnership agreement states that profit/(losses) are to be shared by allowing a $110,000 per year salary allowance to Wiltams, a $170,000 per year salary allowance to Adams, and the remainder on a 3:2 ratio. (Leave no cell blank. Enter " O when the onswer is zero.)
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