Ryan Player and Hector Mendez formed a partnership, Spin Master Toys on May 1, 2013 by investing $100,000 and $140,000 respectively. The partnership agreement states that incomes and losses are to be shared on the basis of a salary allowance of $18,000 for Ryan Player and $18,000 for Hector Mendez, 5% interest on their initial investments with any remainder shared on the ratio of beginning-of-period capital balances. Following is the April 30, 2014 adjusted trial balance, in alphabetical order. Total a) Complete the income allocation schedule below. |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 Accounts Payable Accounts Receivable Accumulated Depreciation, Equipment Accumulated Depreciation, Trucks Bonds Payable (due February, 2022) Cash Commissions Earned Consulting Revenue Earned Depreciation Expense, Equipment Depreciation Expense, Trucks Equipment Hector Mendez, Capital Hector Mendez, Withdrawal Interest Earned Land Long-term Investment in Shares Merchandise Inventory Mortgage Payable (due November, 2020) Property Taxes Expense Rent Earned Ryan Player, Capital Ryan Player, Withdrawal Salaries Expense Short-Term Notes Payable Trademark Trucks Utilities Expense Balance 12,100 17,500 70 80 18,300 34,100 18,600 11,700 70 80 31,000 140,000 18,600 13,500 19,500 21,200 15,400 17,000 47,400 17,600 100,000 14,600 47,450 11,400 20,650 25,400 47,400 b) Prepare a classified balance sheet for Spin Master Toys at April 30, 2014. (select one) Balance Sheet (select one)