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Need these answered also, thank you due tonight! B Total $200,000 (360,000) $100,000 Amount of profit Solary allocation Balance Interest allocation: Opening . . 3,500
Need these answered also, thank you due tonight!
B Total $200,000 (360,000) $100,000 Amount of profit Solary allocation Balance Interest allocation: Opening . . 3,500 Rate 5% 5% 5% $60,000 3,000 3,500 (10,000) (170,000) B Balance Fixed ratio allocation B Balance Allocated to partners ($170,000) ($34,000) 2 3 5 ($170,000) 170,000 $0 $52,000 A, B, and c Trial Balance At December 31, 2019 Adjusting Entries Debit Credit # # Unadjusted Balances Debit Credit 90,000 300,000 50,000 160,000 Adjusted Balances Debit Credit 90,000 200.000 50,000 160.000 110,000 180,000 140,000 200,000 78,500 Account Title Cash Accounts Receivable Accounts Payable A, Capital A, Withdrawals B, Capital B, Withdrawals C, Capital C, Withdrawals Income Summary Fees Revenue Office Expense Salaries Expense - A Salaries Expense - B Salaries Expense - C 278,500 150,000 0 200,000 500,000 300,000 0 0 140,000 0 300,000 110,000 140,000 150,000 1,090,000 0 1,100,000 1,090,000 790,000 790,0 A, B, and Income Statement For the Year Ended December 31, 2019 Fees Revenue Office Expenes $200,000 Partnerhsip Profit A, B, and c Statement of Partners' Capital For the Year Ended December 31, 2019 Total $540,000 $200,000 $69,500 Bal. at Jan 1, 2019 Partnership Profit Withdrawals ($140,000) $340,000 $92,000 $128,500 $119,500 Bal. at Dec. 31, 2019 A, B, and c Balance Sheet At December 31, 2019 Llabilities Assets $50,000 Acct Payable Cash Acct Receivable $90,000 $300,000 Partners' Equity Capital Capital Capital $128,500 340,000 $390,000 $390,000 A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Accounts payable Cash Other assets D Partners' capit B 7,000 $80,000 140,000 7,ood 83,000 144,000 (80,000) Ratio 2 3 5 19,200 19,800 41,000 Opening balance Sale of other Assets Allocation of gain (loss) Amount 64000 B 64000 D 64000 Balances Payment of Liabilities Balances Repayment of Debt Balances Distribution of Cash Balances 140,000 (140,000) 19,800 26,200 41,000 87,000 87,000 (87,000) 41,000 (41,000) (26,200) B Total $200,000 (360,000) $100,000 Amount of profit Solary allocation Balance Interest allocation: Opening . . 3,500 Rate 5% 5% 5% $60,000 3,000 3,500 (10,000) (170,000) B Balance Fixed ratio allocation B Balance Allocated to partners ($170,000) ($34,000) 2 3 5 ($170,000) 170,000 $0 $52,000 A, B, and c Trial Balance At December 31, 2019 Adjusting Entries Debit Credit # # Unadjusted Balances Debit Credit 90,000 300,000 50,000 160,000 Adjusted Balances Debit Credit 90,000 200.000 50,000 160.000 110,000 180,000 140,000 200,000 78,500 Account Title Cash Accounts Receivable Accounts Payable A, Capital A, Withdrawals B, Capital B, Withdrawals C, Capital C, Withdrawals Income Summary Fees Revenue Office Expense Salaries Expense - A Salaries Expense - B Salaries Expense - C 278,500 150,000 0 200,000 500,000 300,000 0 0 140,000 0 300,000 110,000 140,000 150,000 1,090,000 0 1,100,000 1,090,000 790,000 790,0 A, B, and Income Statement For the Year Ended December 31, 2019 Fees Revenue Office Expenes $200,000 Partnerhsip Profit A, B, and c Statement of Partners' Capital For the Year Ended December 31, 2019 Total $540,000 $200,000 $69,500 Bal. at Jan 1, 2019 Partnership Profit Withdrawals ($140,000) $340,000 $92,000 $128,500 $119,500 Bal. at Dec. 31, 2019 A, B, and c Balance Sheet At December 31, 2019 Llabilities Assets $50,000 Acct Payable Cash Acct Receivable $90,000 $300,000 Partners' Equity Capital Capital Capital $128,500 340,000 $390,000 $390,000 A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Accounts payable Cash Other assets D Partners' capit B 7,000 $80,000 140,000 7,ood 83,000 144,000 (80,000) Ratio 2 3 5 19,200 19,800 41,000 Opening balance Sale of other Assets Allocation of gain (loss) Amount 64000 B 64000 D 64000 Balances Payment of Liabilities Balances Repayment of Debt Balances Distribution of Cash Balances 140,000 (140,000) 19,800 26,200 41,000 87,000 87,000 (87,000) 41,000 (41,000) (26,200)Step by Step Solution
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