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plz solve fast in 20 min as well as in the table form plzzzzzzz!!!! Keith Wibams and Brian Adams were students when they formed a
plz solve fast in 20 min as well as in the table form plzzzzzzz!!!!
Keith Wibams and Brian Adams were students when they formed a partnership several years ago for a part-time business called Music Works. Adjusted trial balance information for the year ended December 31,2020 , appears below. 'Assume all account belances are normal. "The partners made no imvestments during the year ...5 56,000 of the nicte payable is due in May 2021 Required: 1. Prepate calculations that show how the profit should be allocated to the partners assuming the partnership agreement states that profitiflosses) are to be shared by allowing a $106,000 per year salary allowance to Witiams, a $166,000 per year satary allowance to Adams, and the temainder on a 3:2 ratio. (Leave no cell blank. Enter " 0 " when the answer is zero.) 2. Prepare the journal entry to close the income Summary account to the partners' capital accounts. Journal entry worksheet 3. Prepare a statement of changes In equity and a classified balance sheet Step by Step Solution
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