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plz do it as early as possible Question 1 (50 points) Kent Brennan, Ryan Player, and Hector Mendez formed a partnership, Willaby Co. on June
plz do it as early as possible
Question 1 (50 points) Kent Brennan, Ryan Player, and Hector Mendez formed a partnership, Willaby Co. on June 1, 2013 by investing $110,000, $110,000, and $120,000 respectively. The partnership agreement states that incomes and losses are to be shared on the basis of a salary allowance of $18,000 for Kent Brennan, $18,000 for Ryan Player, and $24,000 for Hector Mendez, 10% interest on their initial investments with any remainder shared equally. Following is the May 31, 2014 adjusted trial balance, in alphabetical order. Total a) Complete the income allocation schedule below. Kent Brennan Ryan Player Hector Mendez Net income (loss): Salaries : Interest Total salary and interest: Remainder to be allocated: Remainder allocated between partners: Balance of net income (loss) to be allocated: Total to be allocated to each partner: Account Accumulated Depreciation, Automobiles Accumulated Depreciation, Building Advertising Expense Automobiles Bonds Payable (due January, 2021) Building Cash Commissions Earned Consulting Revenue Earned Copyright Depreciation Expense, Automobiles Depreciation Expense, Building, Hector Mendez, Capital Hector Mendez, Withdrawal Interest Earned Interest Expense Kent Brennan, Capital Kent Brennan, Withdrawal Land Long-term Investment in Shares Mortgage Payable (due May, 2023) Notes Receivable (due October, 2014) Patents Property Taxes Expense Rent Earned Ryan Player, Capital Ryan Player, Withdrawal Salaries Payable Short-Term Notes Payable Balance 90 50 17,300 95,700 15,700 47,800 22,500 115,800 14,540 57,800 90 50 120,000 13,500 17,400 16,000 110,000 5,400 8,400 148,700 17,900 43,500 83,640 17.100 38,800 110,000 7,300 18,100 6,400 b) Prepare a classified balance sheet for Willaby Co. at May 31, 2014. (select one) Balance Sheet (select one) X + 1Step by Step Solution
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