Luide How much cash each partner would receive at the liquidation if the inventory was sold for $80,000. hin PROBLEM 28-9 Completing End-of CHALLENGE Period Activities PROBLEM for a Partnership Richard Smooth and Carrie Overhill are partners in the firm of R&C Roofing. They agreed to divide net income or loss on the following basis: Smooth, 34; Overhill, 14. The completed work sheet for R&C Roofing for the year ended December 31 appears in your working papers. INSTRUCTIONS In your working papers: 1. Prepare an income statement for the partnership. 2. Prepare a statement of changes in partners' equity. 3. Prepare a balance sheet. 4. Journalize the adjusting and closing entries, beginning on page 27 of the general journal. Analyze Calculate the total year-end partners' equity if neither Smooth nor Overhill had withdrawn any cash from the business. Problem 2.9 Problem 289 Completing End-of-Period Act for a Partnership For the rar Emde 12 TOT Cala Rok 10 Arts Race all 110 orice Supplies 15 Reging Supplies 120 Prade 12 isso 19 20 doodoo pod Teodoo doodoo sodoo IND Food &zodoo 240000 IS A DO 160 Truck 165 Accup -Truck 170 g 175 Accuw. Deprullen 180 Land Er Accounts Payable 301 R. Smooth. Capital ZZINOO 03 R. Smooth. Within als 310 C On Capital IS C. Chill Withdrawals 20 tn.com Smary 01 Consulting Fees 15900 405 Roofing Fees 6375000 Sol Advertising Expense sos Dep. Exp-Office Equip SIO Dep. Expense Truck SI5 Depr. Expense-Building 520 Insurance Expense 525 Office Supplies Expense 530 Roofing Supplies Expense 535 Salaries Expense 28 10900 540 Truck Expense 140000 545 Utilities Expense 154087015408700 Net Income 240.000 185.00 3podoo 18.500 120000 120000 11.47000 318 31313 Leeglool 28 2810900 209560 786 od 107078008072 1829000 18290.00 15957300 15937200 2635000 2635800 7865000 786500107078001070780 Chapter 28 548 Chapter 28 Problem 28-9 (continued) . COM LLL HTT 550 Chapter 28 Problem 28-9 (continued) . ation. All rights reserved c Mer Cap Chapter 28 551 Problem 28-9 (concluded) Date GENERAL JOURNAL DESCRIPTION DEBIT CREDIT SEEEEEEEEEEEEEEEEEEEEEL Copyrigrouliamitacionaripreet Analyze: 552 - Chapter 28 Luide How much cash each partner would receive at the liquidation if the inventory was sold for $80,000. hin PROBLEM 28-9 Completing End-of CHALLENGE Period Activities PROBLEM for a Partnership Richard Smooth and Carrie Overhill are partners in the firm of R&C Roofing. They agreed to divide net income or loss on the following basis: Smooth, 34; Overhill, 14. The completed work sheet for R&C Roofing for the year ended December 31 appears in your working papers. INSTRUCTIONS In your working papers: 1. Prepare an income statement for the partnership. 2. Prepare a statement of changes in partners' equity. 3. Prepare a balance sheet. 4. Journalize the adjusting and closing entries, beginning on page 27 of the general journal. Analyze Calculate the total year-end partners' equity if neither Smooth nor Overhill had withdrawn any cash from the business. Problem 2.9 Problem 289 Completing End-of-Period Act for a Partnership For the rar Emde 12 TOT Cala Rok 10 Arts Race all 110 orice Supplies 15 Reging Supplies 120 Prade 12 isso 19 20 doodoo pod Teodoo doodoo sodoo IND Food &zodoo 240000 IS A DO 160 Truck 165 Accup -Truck 170 g 175 Accuw. Deprullen 180 Land Er Accounts Payable 301 R. Smooth. Capital ZZINOO 03 R. Smooth. Within als 310 C On Capital IS C. Chill Withdrawals 20 tn.com Smary 01 Consulting Fees 15900 405 Roofing Fees 6375000 Sol Advertising Expense sos Dep. Exp-Office Equip SIO Dep. Expense Truck SI5 Depr. Expense-Building 520 Insurance Expense 525 Office Supplies Expense 530 Roofing Supplies Expense 535 Salaries Expense 28 10900 540 Truck Expense 140000 545 Utilities Expense 154087015408700 Net Income 240.000 185.00 3podoo 18.500 120000 120000 11.47000 318 31313 Leeglool 28 2810900 209560 786 od 107078008072 1829000 18290.00 15957300 15937200 2635000 2635800 7865000 786500107078001070780 Chapter 28 548 Chapter 28 Problem 28-9 (continued) . COM LLL HTT 550 Chapter 28 Problem 28-9 (continued) . ation. All rights reserved c Mer Cap Chapter 28 551 Problem 28-9 (concluded) Date GENERAL JOURNAL DESCRIPTION DEBIT CREDIT SEEEEEEEEEEEEEEEEEEEEEL Copyrigrouliamitacionaripreet Analyze: 552 - Chapter 28