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Partnership A, B, and C 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: A $100,000 $100,000 $160,000 Opening capital balances are: A $70,000 B $60,000 $70,000 Interest rate is: 5% The fixed ratio is: A IN CO 3 5 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. 4 Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31.AutoSave . Off) H CH12_AustinGreen - Excel austinwaltergreen@gmail.com A X File Home Insert Draw Page Layout Formulas Data Review Help Search Share Comments X Cut Calibri - 12 AA ap Wrap Text General AutoSum - Ap O Fill - 4 Paste Copy BIU - H- DA- E Merge & Center . Conditional Format as Cell Insert Delete Format Sort & Find & Ideas Format Painter Formatting - Table . Styles Clear - Filter . Select Clipboard Font Alignment Number Styles Cells Editing Ideas C27 X Y A B C DE F G H I J K M N O P Q R S T A, B, and C Trial Balance At December 31, 2019 O UT Unadjusted Balances Adjusting Entries Adjusted Balances Account Title Debit Credit # Debi Credit # Debi Credit Cash 90,000 8 Accounts Receivable 400,000 9 Accounts Payable 40,000 10 A, Capital 120,000 11 A, Withdrawals 12 B, Capital 170,000 13 B, Withdrawals 14 C, Capital 160,000 15 C, Withdrawals 16 Income Summary 17 Fees Revenue 870,000 18 Office Expense 500,000 19 Salaries Expense - A 130,000 20 Salaries Expense - B 140,000 21 Salaries Expense - C 100,000 22 1,360,000 1,360,000 23 24 25 26 27 Requ. 1 to 4 | Requ. 5 | Requ. 6 to 7 | Gen. Jnl. | Alloc. Trial Bal. Fcl. Stmts. | Part. Liqu. Copyright | + + 100% Type here to search O L 28% 5:39 PM 7/18/2020