Oll TO Data Review View Formulas Help Insert Draw Page Layout me General Calibri - 12 2 Wrap Text A A $ % BIU Merge & Center a. Av FR mat Painter ed Number Alignment Font K L G H C D E Part B (2020) a. On December 31, 2020 new partner D 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 B 180,000 190,000 $ 570,000 c 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. Alloc, Gen. Jnl. Trial Bal. Fcl. Stmts. Part. Liqu. Copy Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Bi Type here to search o A Paste - Format Painter Clipboard BI UB 2 Wrap Text V a. Au Merge & Cen Font Q10 Alignment fx A B 1 D E F G H 2 3 Part C (2021 and 2022) 5 6 7 8 9 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 10 1 2 3 4 On January 1, 2022 the partnership is liquidated. Other assets are sold for: $144,000 Gains and losses are liquidated in a ratio of: B 3 2 5 D Required 6 Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume partner deficiency (debit balance) is repaid with cash by the applicable partner. any 7 Prepare the journal entries to record the liquidation. Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Gen. Jnl. Alloc. Trial Bal. Fel. Stmts. Type here to search ORI AutoSave OH T 8 Chapter 12 Assignment revised 051620 - e Sea File Home Insert Draw Page Layout Formulas Data Review View Help Xcut Calibri ab Wrap Text Ib Copy 12 - A CA Paste BIU Merge & Center Format Painter Clipboard Font Alignment A1 X B D E F 1 A, B, and C GENERAL JOURNAL 4 Description Debit Credit 800 w N 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Gen. Jnl. Alloc Trial Bal Fel. Stmts Part. Liqu. Type here to search Calibri 12 La Copy - Format Painter AA === 2 Wrap Text BIV AA Merge & Center General Clipboard $ -%88- Font Conditional Fo Formatting to Alignment for Number input values Style B D E F G 1 K L M N O A B Amount of profit Salary allocation Balance Interest allocation: Total $200,000 0 200,000 Opening cap. Rate 5% 5% 5% 0 0 0 A B Balance Fixed ratio allocation A B C Balance 0 200,000 $0 20% 30% 50% $o Allocated to partners So 0 $200,000 needs to be so $0 SO SO input values Hit F9 to update formulas (or set your formulas to automatically update) He Home Insert Draw Search Page Layout Formulas Data Review View Help Calibri 12 Paste X Cut In Copy Format Painter Clipboard 29 Wrap Text BIU AA === ES QA Number Merge & Center Font $ - % *8-28 Conditional Format as Formatting Table Styles F7 Alignment Number 5 Styles B 1 G CE F A, B, and C Trial Balance At December 31, 2019 3 M 4 Adjusting Entries Debit Credit # Unadjusted Balances Debit Credit 90,000 300,000 50,000 160,000 # 180,000 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 Debit 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 25 input values Hit F9 to update formulas (or set your formulas to automatically update) 26 7 8 Requ. 1 to 4 Requ. 5 Regu. 6 to Chapter 12 Assignment sevised 051620 File Home Insert Draw Page Layout Formulas Data Review VE & Cut Calibri 12 = [b Copy Paste ' a-A- Format Painter BIU ilil +3E Clipboard 22 Font 27 Alignme A1 X for B D E F G H K 2 3 4 A, B, and c Income Statement For the Year Ended December 31, 2019 6 8 9 A, B, and c Statement of Partners' Capital For the Year Ended December 31, 2019 A B Total Bal. at Jan 1, 2019 21 22 Bal. at Dec 31, 2019 A, B, and C Balance Sheet At December 31, 2019 Assets Liabilities 28 29 30 31 32 Partners' Equity 38 39 40 41 42 43 44 45 Allar Trial B Paste Lo Copy Format Painter 29 Wrap Text E Merge & Center General BIU--A $ %, 88-98 Clipboard Condu Forma Font 5 Alignment F Number A1 X fix A B C D E F G H 2 3 R S U K M N A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Cash Other assets Accounts payable Partners' capital B A D Opening balance Allocation of gain (loss) Amount Ratio B D Clipboard Font Alignment Formatting 1 x Number B C D E F G H K M N A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Cash Other assets Accounts payable Partners' capital B D Opening balance Allocation of gain (loss) Amount Ratio B D Copyright Part. Liqu. Fd. Stmts Inl. Alloc. Trial Bal. Oll TO Data Review View Formulas Help Insert Draw Page Layout me General Calibri - 12 2 Wrap Text A A $ % BIU Merge & Center a. Av FR mat Painter ed Number Alignment Font K L G H C D E Part B (2020) a. On December 31, 2020 new partner D 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 B 180,000 190,000 $ 570,000 c 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. Alloc, Gen. Jnl. Trial Bal. Fcl. Stmts. Part. Liqu. Copy Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Bi Type here to search o A Paste - Format Painter Clipboard BI UB 2 Wrap Text V a. Au Merge & Cen Font Q10 Alignment fx A B 1 D E F G H 2 3 Part C (2021 and 2022) 5 6 7 8 9 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 10 1 2 3 4 On January 1, 2022 the partnership is liquidated. Other assets are sold for: $144,000 Gains and losses are liquidated in a ratio of: B 3 2 5 D Required 6 Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume partner deficiency (debit balance) is repaid with cash by the applicable partner. any 7 Prepare the journal entries to record the liquidation. Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Gen. Jnl. Alloc. Trial Bal. Fel. Stmts. Type here to search ORI AutoSave OH T 8 Chapter 12 Assignment revised 051620 - e Sea File Home Insert Draw Page Layout Formulas Data Review View Help Xcut Calibri ab Wrap Text Ib Copy 12 - A CA Paste BIU Merge & Center Format Painter Clipboard Font Alignment A1 X B D E F 1 A, B, and C GENERAL JOURNAL 4 Description Debit Credit 800 w N 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Requ. 1 to 4 Requ. 5 Requ. 6 to 7 Gen. Jnl. Alloc Trial Bal Fel. Stmts Part. Liqu. Type here to search Calibri 12 La Copy - Format Painter AA === 2 Wrap Text BIV AA Merge & Center General Clipboard $ -%88- Font Conditional Fo Formatting to Alignment for Number input values Style B D E F G 1 K L M N O A B Amount of profit Salary allocation Balance Interest allocation: Total $200,000 0 200,000 Opening cap. Rate 5% 5% 5% 0 0 0 A B Balance Fixed ratio allocation A B C Balance 0 200,000 $0 20% 30% 50% $o Allocated to partners So 0 $200,000 needs to be so $0 SO SO input values Hit F9 to update formulas (or set your formulas to automatically update) He Home Insert Draw Search Page Layout Formulas Data Review View Help Calibri 12 Paste X Cut In Copy Format Painter Clipboard 29 Wrap Text BIU AA === ES QA Number Merge & Center Font $ - % *8-28 Conditional Format as Formatting Table Styles F7 Alignment Number 5 Styles B 1 G CE F A, B, and C Trial Balance At December 31, 2019 3 M 4 Adjusting Entries Debit Credit # Unadjusted Balances Debit Credit 90,000 300,000 50,000 160,000 # 180,000 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 Debit 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 25 input values Hit F9 to update formulas (or set your formulas to automatically update) 26 7 8 Requ. 1 to 4 Requ. 5 Regu. 6 to Chapter 12 Assignment sevised 051620 File Home Insert Draw Page Layout Formulas Data Review VE & Cut Calibri 12 = [b Copy Paste ' a-A- Format Painter BIU ilil +3E Clipboard 22 Font 27 Alignme A1 X for B D E F G H K 2 3 4 A, B, and c Income Statement For the Year Ended December 31, 2019 6 8 9 A, B, and c Statement of Partners' Capital For the Year Ended December 31, 2019 A B Total Bal. at Jan 1, 2019 21 22 Bal. at Dec 31, 2019 A, B, and C Balance Sheet At December 31, 2019 Assets Liabilities 28 29 30 31 32 Partners' Equity 38 39 40 41 42 43 44 45 Allar Trial B Paste Lo Copy Format Painter 29 Wrap Text E Merge & Center General BIU--A $ %, 88-98 Clipboard Condu Forma Font 5 Alignment F Number A1 X fix A B C D E F G H 2 3 R S U K M N A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Cash Other assets Accounts payable Partners' capital B A D Opening balance Allocation of gain (loss) Amount Ratio B D Clipboard Font Alignment Formatting 1 x Number B C D E F G H K M N A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Cash Other assets Accounts payable Partners' capital B D Opening balance Allocation of gain (loss) Amount Ratio B D Copyright Part. Liqu. Fd. Stmts Inl. Alloc. Trial Bal