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3 Assignment}! x G Kalim Company hasxed costs: X i u Course Hero x i + 7 X (- C O Classroomgoog|e.com/u/U/c/MTYXNZ(XNTMOMTE1/a/MJM2MjQ'i NDCyMzEZ/details i} 1 Open with Doc Hub , PDFSign a ._ v Phillip and Case are in the process of forming a partnership to import Belgian chocolates. to which Phillip will contribute one-third time and Case full time. They have discussed the following alternative plans for sharing prot and losses. 8. In the ratio of their initial investments. which they have agreed will be 5160.000 forPhillip and 5240.000 for Case. [3.1:] proportion to the time devoted to the business. C. A salary allowance of$5.000 per month to Case and the balance in accordance with their initial investment ratio. d. A $5.000 per month salary allowance to Case. 15% interest on their initial investments. and the balance equally. The partners expect the business to generate prot as follows: Year I. $l00.000 loss: Year 2. $50,000 prot: and Year 3, 3250.000 prot. Required Prepare four schedules with the following column headings: Share to Slim to Calculations Phillip ('ase Complete a schedule for each ofthe four plans being considered by showing how the partnership prot or loss for each year would be allocated to the panners. Round your answers to the nearest Whole dollar. 1:41 PM E: p Type here to search O Si- Assignment3cho 11 e .HRM4BCrWord A a [5,": [I g nu) 11/24/2020 |:i Assignment 3 X G Kalim Company has fixed costs o X *Course Hero X + X C A classroom.google.com/u/0/c/MTYxNZcxNTMOMTE1/a/MjM2MjQ1NDcyMzE2/details F 2.JPG Open with DocHub - PDF Sign a.. . . Assignment 3 Your work Assigned Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting by making capital contributions of $245,000, $280,000, and $175,000, 10 p respectively. They anticipate annual profit of $360,000 and are considering the following alternative plans of sharing profits and losses: a. Equally; b. In the ratio of their initial investments; or c. Salary allowances of $110,000 to Conway, $85,000 to Chan, and $60,000 to Scott and interest allowances of 12% on initial investments, with any remaining balance shared equally. Page 790 Required 1. Prepare a schedule with the following column headings: Profit/Loss Sharing Plan Calculations Share to Conway Share to Chan Share to Scott Clas Use the schedule to show how a profit of $360,000 would be distributed under each of the alternative plans being considered. 2. Prepare a statement of changes in equity showing the allocation of profit to the partners, assuming they agree to use alternative (c) and the profit actually earned for the year ended December 31, 2020, is $360,000. During the year, Conway, Chan, and Scott withdraw $40,000, $30,000, and $20,000, respectively. 3. Prepare the December 31, 2020, journal entry to close Income Summary assuming they agree to use alternative (c) and the profit is $360,000. Also, close the withdrawals accounts. (? + Type here to search O Assignment 3 - Goo. W HRM 422C - Word 1:41 PM 11/24/2020Assignment 3 X G Kalim Company has fixed costs o X *Course Hero X + X C A classroom.google.com/u/0/c/MTYxNZcxNTMOMTE1/a/MjM2MjQ1NDcyMzE2/details F 3.JPG Open with DocHub - PDF Sign a. . . As On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Assigned Vinay Comeau Lavoi 10 poi Contribution $298,000 cash $200,000 land $138,000 building Profit sharing $ 168,000 salary allowance 5% of original capital investments 5% of original capital investments 40% of remaining 60% of remaining Cash withdrawal March 20, 2020 $118,000 Net Income during the year was $560,000 and was in the Income Summary account. Class On April 1, 2020 Travis Roberts invested $138,000 and was admitted to the partnership for a 20% interest in equity. Required 1. Prepare journal entries for the following dates: a. April 1, 2019 b. March 20, 2020 c. March 31, 2020 d. April 1, 2020 2. Calculate the balance in each partner's capital account immediately after the April 1, 2020, entry. (? + 1:41 PM Type here to search O Assignment 3 - Goo. W HRM 422C - Word 11/24/2020Assignment 3 X G Kalim Company has fixed costs o X *Course Hero X + X C A classroom.google.com/u/0/c/MTYxNZcxNTMOMTE1/a/MjM2MjQ1NDcyMzE2/details F 4.JPG Open with DocHub - PDF Sign a.. . . Lui, Montavo, and Johnson plan to liquidate their Premium Pool and Spa business. They have always shared profit and losses in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: Assignment 3 Premium Pool and Spa Balance Sheet June 30, 2020 Your work Assigned Vinay Yarlagadda . 8:33 AM Assets 10 points Cash. $ 68.750 + Add or create Machinery.. $588,750 Less: Accumulated depreciation.. 137,500 451.250 Mark as done 1.JPG Total assets.. $520.000 Liabilities Image Accounts payable. $130.375 Equity 3.JPG Jim Lui... $ 76.250 Private comments Kent Montavo, capital.. 200.875 Image Dave Johnson, capital. 112,500 Add private comment. Total equity.. 389.625 Total liabilities and equity... $520,000 Class comments Page 792 Required Add class comment Part 1 Under the assumption that the machinery is sold and the cash is distributed to the proper parties on June 30. 2020, complete the schedule provided below. Machinery Accounts Jim Lui, Kent Montavo, Dave Johnson, Cash (net) Payable Capital Capital Capital Account balances June 30, 2020. Show the sale, the gain or loss allocation. and the distribution of the cash in each of the following unrelated cases: a. The machinery is sold for $488,130. b. The machinery is sold for $375,000. c. The machinery is sold for $212,500, and any partners with resulting deficits can and do pay in the amount of their deficits. d. The machinery is sold for $187,500, and the partners have no assets other than those invested in the business. Part 2 Prepare the entry to record the final distribution of cash assuming case (a) above. (? + Type here to search O Assignment 3 - Goo. W HRM 422C - Word 1:41 PM 11/24/2020