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D E F G H 1 J Salary allocation amounts are: $100,000 B $100,000 $160,000 Opening capital balances are: A $70,000 B $60,000 $70,000 Interest rate is: 5% The fixed ratio is: A 2 B 3 5 Required 1 Prepare year-end adjusting entries. No descriptions are necessary. 2 Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry. 3 Post the adjusting entries anotiomplete the trial balance. 4 Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31. Part B (2020) a. On December 31, 2020 new partner Dinvests other assets into the partnership for a one- quarter ownership interest. An equal amount of capital is contributed by A, B, and C to make up the difference. At December 31, 2020, the partners' capital balances are as follows: $200,000 180,000 190,000 $570,000 A B Fair value of other assets from D $50,000 b. Immediately after this, partner withdraws from the partnership. She is paid in cash the balance in her capital account plus a bonus, contributed equally from the capital balances of A, B, and D. Bonus paid to C $ 18,000 Required 5 Prepare necessary adjusting entries at December 31, 2020 to record the admission of partner D and the withdrawal of partner C. Show all calculations. Part C (2021 and 2022) The trial balance of A, B, and D at December 31, 2021 after all adjustments have been made is as follows: Adjusted Balances Account Title Debit Credit Cash 83,000 Other Assets 80,000 Accounts Payable 140,000 A, Capital 7,000 B, Capital 7,000 C, Capital 9,000 163,000 163,000 On January 1, 2022 the partnership is liquidated. Other assets are sold for: $144,000 Gains and losses are liquidated in a ratio of: 3 B 2 D 5 Required 6 Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume any partner deficiency (debit balance) is repaid with cash by the applicable partner. 7 Prepare the journal entries to record the liquidation. Requ1 to 4 A, B, and C GENERAL JOURNAL Description Debit Credit B C D E F G H L 1 M N Nm 4 B C 4 Amount of profit Salary allocation Balance Interest allocation: Total $200,000 0 200,000 5 6 7 8 Opening cap. Rate 9 10 0 5% 5% 5% 11 12 0 0 200,000 13 A B C Balance Fixed ratio allocation A B C Balance Allocated to partners 14 $0 15 20% 30% 50% $0 $o 16 17 18 0 $200,000 his needs to be 50 $o $0 $0 19 20 21 22 input values Hit F9 to update formulas (or set your formulas to automatically update) Requ. 6 to 7 Gen, Ini Alloc . Fd. Sms Requ 1 to 4 Requ. Part Time 1 H! K M 2 3 CE F A, B, and c Trial Balance At December 31, 2019 4 Adjusting Entries Debit Credit # %2 Debit Unadjusted Balances Debit Credit 90,000 300,000 50,000 160,000 180,000 5 6 Account Title 7 Cash 8 Accounts Receivable 9 Accounts Payable 10 A, Capital 11 A, Withdrawals 12 B, Capital 13 B, Withdrawals 14 C, Capital 15 C, Withdrawals 16 Income Summary 17 Fees Revenue 18 Office Expense 19 Salaries Expense - A 20 Salaries Expense - B 21 Salaries Expense-C 22 23 200,000 Adjusted Balances Credit 90,000 300,000 50,000 160,000 0 180,000 0 200,000 0 0 500,000 300,000 110,000 140,000 150,000 1,090,000 1,090,000 500,000 300,000 110,000 140,000 150,000 1,090,000 1,090,000 0 0 24 input values 25 26 Hit F9 to update formulas (or set your formulas to automatically update) B D E F G H J K A, B, and Income Statement For the Year Ended December 31, 2019 1 0 1 2 3 4 5 A, B, and Statement of Partners' Capital For the Year Ended December 31, 2019 6 7 8 Bal. at Jan 1, 2019 B Total Bal.at Dec 31, 2019 9 0 1 -2 3 24 25 26 27 28 29 30 31 32 33 A, B, and c Balance Sheet At December 31, 2019 Assets Liabilities Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Gen. Jnl. Partners'Equity Trial Bal Fd, Stmts. Alloc Ready Part. Liqu. Copyright A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Accounts payable Cash Other assets Partners' capital B A D Opening balance Allocation of gain (loss) Amount Ratio B D