The ABC Partnership has the following revenues and expenses for the past year:

Required

1. Determine the amount of profit that is allocated to each partner.

2. Prepare the closing entries to close out temporary income statement accounts.

3. Prepare the closing entry to close out income summary

4. Prepare the journal entry to close the withdrawal accounts.

5. What is the ending balances in each of the partner's capital accounts after closing out all of the temporary accounts?

The ABC Partnership has the following revenues and expenses for the past year: $430,000 218.000 212,000 142.000 S 70,000 Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income The three owners are Albert, Bob, and Clay. Their capital accounts at the beginning of the year were as follows: Albert $30,000 Bob 20,000 Clay 50,000 The three partners have agreed to divide profits and losses as follows: (1) Salary of $25,000 to Albert, $20,000 to Bob, and $18,000 to Clay; (2) Interest of 10% on the beginning capital balance for each partner, remainder divided in a 3:3:5 ratio. Partner withdrawals during the year are as follows: Albert $ 12,000 Bob $18,000 Clay $ 9,000 Required: 1. Determine the amount of profit that is allocated to each partner. 2. Prepare the closing entries to close out temporary income statement accounts 3. Prepare the closing entry to close out income summary 4. Prepare the journal entry to close the withdrawal accounts. 5. What is the ending balances in each of the partner's capital accounts after closing out all of the temporary accounts