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Pre you begin, print out all the pages in this workbook. Part A (2019) Partnership A, B, and is a law firm. You have been engaged as accountant to prepare financial statements for the year ended December 31, 2019. The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). "Salary expenses listed on the trial balance are each partners' withdrawals for the year. Partnership profits are allocated based first on salaries, then on interest on opening capital balances, then on a fixed ratio. Salary allocation amounts are: $100,000 $100,000 $160,000 Opening capital balances are: $70,000 $60,000 $70,000 Interest rate is: The fixed ratio is: I 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 and complete the trial balance. 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 Decor on December 31, 2020 new partner invests 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 S 570,000 Fair value of other assets from D $50,000 Immediately after this, partner C 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 S 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. AB, and c GENERAL JOURNAL Credit Description Total Amount of profit Salary allocation Balance Interest allocation: Opening cap. Rate Balance Fixed ratio allocation Balance Allocated to partners A, B, and c Trial Balance At December 31, 2019 Adjusting Entries Debit Credit Adjusted Balances Debit Credit Unadjusted Balances Debit Credit 60,000 500,000 80,000 120,000 130,000 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 120,000 610,000 100.000 150,000 150,000 100,000 1,060,000 1,060,000 A, B, and C Income Statement For the Year Ended December 31, 2019 A, B, and C Statement of Partners' Capital For the Year Ended December 31, 2019 Total Bal. at Jan 1, 2019 Bal. at Dec 31, 2019 A, B, and C Balance Sheet At December 31, 2019 Assets Liabilities Partners' Equity A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Cash Other assets Accounts payable Partners' capital Opening balance Allocation of gain (loss) Amount Ratio Total Amount of profit Salary allocation Balance Interest allocation: Opening cap. Rate Balance Fixed ratio allocation Balance Allocated to partners A, B, and c Trial Balance At December 31, 2019 Adjusting Entries Debit Credit Adjusted Balances Debit Credit Unadjusted Balances Debit Credit 60,000 500,000 80,000 120,000 130,000 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 120,000 610,000 | 100,000 150,000 150,000 100,000 1,060,000 1,060,000 A, B, and C Income Statement For the Year Ended December 31, 2019 A, B, and C Statement of Partners' Capital For the Year Ended December 31, 2019 Total Bal. at Jan 1, 2019 Bal. at Dec 31, 2019 A, B, and C Balance Sheet At December 31, 2019 Assets Liabilities Partners' Equity A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Cash Other assets Accounts payable Partners' capital Opening balance Allocation of gain (loss) Amount Ratio Pre you begin, print out all the pages in this workbook. Part A (2019) Partnership A, B, and is a law firm. You have been engaged as accountant to prepare financial statements for the year ended December 31, 2019. The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). "Salary expenses listed on the trial balance are each partners' withdrawals for the year. Partnership profits are allocated based first on salaries, then on interest on opening capital balances, then on a fixed ratio. Salary allocation amounts are: $100,000 $100,000 $160,000 Opening capital balances are: $70,000 $60,000 $70,000 Interest rate is: The fixed ratio is: I 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 and complete the trial balance. 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 Decor on December 31, 2020 new partner invests 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 S 570,000 Fair value of other assets from D $50,000 Immediately after this, partner C 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 S 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. AB, and c GENERAL JOURNAL Credit Description Total Amount of profit Salary allocation Balance Interest allocation: Opening cap. Rate Balance Fixed ratio allocation Balance Allocated to partners A, B, and c Trial Balance At December 31, 2019 Adjusting Entries Debit Credit Adjusted Balances Debit Credit Unadjusted Balances Debit Credit 60,000 500,000 80,000 120,000 130,000 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 120,000 610,000 100.000 150,000 150,000 100,000 1,060,000 1,060,000 A, B, and C Income Statement For the Year Ended December 31, 2019 A, B, and C Statement of Partners' Capital For the Year Ended December 31, 2019 Total Bal. at Jan 1, 2019 Bal. at Dec 31, 2019 A, B, and C Balance Sheet At December 31, 2019 Assets Liabilities Partners' Equity A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Cash Other assets Accounts payable Partners' capital Opening balance Allocation of gain (loss) Amount Ratio Total Amount of profit Salary allocation Balance Interest allocation: Opening cap. Rate Balance Fixed ratio allocation Balance Allocated to partners A, B, and c Trial Balance At December 31, 2019 Adjusting Entries Debit Credit Adjusted Balances Debit Credit Unadjusted Balances Debit Credit 60,000 500,000 80,000 120,000 130,000 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 120,000 610,000 | 100,000 150,000 150,000 100,000 1,060,000 1,060,000 A, B, and C Income Statement For the Year Ended December 31, 2019 A, B, and C Statement of Partners' Capital For the Year Ended December 31, 2019 Total Bal. at Jan 1, 2019 Bal. at Dec 31, 2019 A, B, and C Balance Sheet At December 31, 2019 Assets Liabilities Partners' Equity A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Cash Other assets Accounts payable Partners' capital Opening balance Allocation of gain (loss) Amount Ratio