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Please answer it fast 4. Mary Wilson and Patrick Clark began a partnership several years ago called the gift consultant. Adjusted trial balance information for
Please answer it fast
4. Mary Wilson and Patrick Clark began a partnership several years ago called the gift consultant. Adjusted trial balance information for the year ended September 30,2014, appears below: Account Balance Account Balance Account payable $18000 Account Receivable Accumulated depreciation, office furniture Accumulated depreciation, vehicles Allowance for doubtful account Expenses S94000 Note payable due March 2017 $47000 $25000 $6000 Office furniture 33000 21000 Prepaid Rent 3000 12000 34000 Patrick, capital 46000 85000 50000 Patrick, withdrawals 75000 Cash Mary, capital Mary, withdrawal Consulting Revenue 214000 Unearned fees 7000 Vehicles 68000 2 Prepare calculations that show how the income should be allocated to the partners assuming the partnership agreement states that the loss/gain are to be shared by allowing an $88000 per year salary allowance to Clark, $18000 allowance per year to Wilson, 15% interest on the beginning of the year balances and the remainder equally. (note Clark invested $12000 during the year) (15 marks) Step by Step Solution
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