The following is the adjusted trial balance of Kapiolani Kamehameha Partnership at the end of their last fiscal year.

Other information:

Year end inventory was $24,900. The partnership uses the periodic inventory system.

There were no changes in partners' capital accounts during the fiscal year.

The partnership agreement provides that partners are to be allowed 10% interest on their beginning of year capital account balances, and any residual net income is to be divided 3:2 (Kapiolani: Kamehameha)

REQUIRED:

IN GOOD FORM, prepare a multiple-step Income Statement for fiscal 2022. At the bottom of the statement, prepare a schedule showing the division of net income.

IN GOOD FORM, prepare a Statement of Partners' Equity for fiscal 2022.

IN GOOD FORM, prepare a CLASSIFIED Balance Sheet at December 31, 2022.

KEY NUMBERS: Net income $ 50,700 Total assets $216,420

REQUIRED: 1. IN GOOD FORM, prepare a multiple-step Income Statement for fiscal 2022. At the bottom of the statement, prepare a schedule showing the division of net income. 2. IN GOOD FORM, prepare a Statement of Partners' Equity for fiscal 2022. 3. IN GOOD FORM, prepare a CLASSIFIED Balance Sheet at December 31, 2022. KEY NUMBERS: Net income $50,700 Total assets $216,420 NOTE: THIS ASSIGNMENT MUST BE DONE IN WORD OR EXCEL OR, IF YOU LIKE ON ACCOUNTING PAPER, IN PENCIL I WILL NOT ACCEPT THE WORK DONE ON LOOSELEAF OR GRAPH PAPER. ALL CALCULATIONS MUST BE INCLUDED. YOU WILL LOSE MARKS IF THEY ARE NOT. TO BE CONSIDERED COMPLETE, ALL PARTS OF THE ASSIGNMENT MUST BE SUBMITTED. The following is the adjusted trial balance of Kapiolani Kamehameha Partnership at the end of their last fiscal year. Dther information: Year end inventory was $24,900. The partnership uses the periodic inventory system