The problem 3-7 only. ty.

Remaining profit or loss to be divided equally 1 As the person in-charge of the preparation of financial statements, you gathered the following data that require adjustments as of December 31, 2014 and the information relating to division of partnership profit or loss: Inventories: merchandise, P1,406,000; supplies, P16,500. 2. Depreciation of store furniture, 10% a year. Additions to store furniture were made on March 1 costing P54,000. 6. Accrued interest on notes payable, P3,750 Accrued Interest on notes receivable, P6,000 8. Uncollectible accounts receivable, P9,300 Bathan and Buenas agree to divide earnings as follows: b. Salaries to the managing partner Bathan of P100,000 Accrued advertising, P9,500. 4. Prepaid taxes, P10,000 5. Accrued taxes, P10,500 Income taxes, 30% a. Interest at 10% on 3. 7 9. 10. beginning capital balances c. Instructions: 1. 2. Prepare a ten-column worksheet. Prepare an income statement, a statement of changes in partners' equity, and a statement of financial position. Prepare the adjusting and closing entries as of December 31, 2014. 3