Please help me solve this sample quiz. Thanks. i have attached the sample quiz.

Indiana University of Pennsylvania Department of Accounting ACCT 401/501: Advanced Accounting Dr. Rahman Sample Quiz for Chapter 16 MUST SHOW WORK!! Use the following information for questions 1, 2 and 3. Willis and Rite share profits and losses equally. Willis and Rite receive salary allowances of $20,000 and $30,000, respectively, and both partners receive 10% interest on their average capital balances. Willis is entitled to a bonus of 5% after deduction of the bonus. Partners' drawings are not used in determining the average capital balances. Total net income for 2009 is $126,000. January 1 capital balances Yearly drawings ($1,500 a month) Permanent withdrawals of capital: July 1 June 1 Additional investments of capital: August 1 November 1 Willis $100,000 18,000 Rite $120,000 18,000 (12,000) (15,000) 40,000 1. What is the weighted-average capital for Willis and Rite in 2009? 2. What will be the final profit allocations for Willis and Rite in 2009? 50,000 Use the following information for questions 3 and 4. A summary balance sheet for the Able, Baker, and Charlie partnership appears below. Able, Baker, and Charlie share profits and losses in a ratio of 2:3:5, respectively. Assets Cash Inventory Marketable securities Land Building-net Total assets $ 100,000 125,000 200,000 100,000 500,000 $1,025,000 Equities Able, capital Baker, capital Charlie, capital Total equities $ 425,000 400,000 200,000 $1,025,000 The partners agree to admit Delta for a one-fifth interest. The fair market value of partnership land is appraised at $200,000 and the fair market value of inventory is $175,000. The assets are to be revalued prior to the admission of Delta and there is $30,000 of goodwill that attaches to the old partnership. 3. By how much will the capital accounts of Able, Baker, and Charlie increase, respectively, due to the revaluation of the assets and the recognition of goodwill? 4. How much cash will Delta have to invest to acquire a one-fifth interest