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Before you begin, print out all the pages in this workbook. Part A (2019) Partnership A, B, and C is a law firm. You have been engaged as accountant to prepare financial statements for the year ended December 31, 2019. The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). 'Salary expenses listed on the trial balance are each partners' withdrawals for the year. Partnership profits are allocated based first on salaries, then on interest on opening capital balances, then on a fixed ratio. Salary allocation amounts are: $100,000 A $100,000 B $160,000 C Opening capital balances are: $70,000 A $60,000 $70,000 C 5% Interest rate is: The fixed ratio is: 2 A 3 Required 1 Prepare year-end adjusting entries. No descriptions are necessary. 2 Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry. 3 Post the adjusting entries and complete the trial balance. 4 Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31. Part B (2020) a. On December 31, 2020 new partner D invests other assets into the partnership for a one-quarter ownership interest. An equal amount of capital is contributed by A, B, and C to make up the difference. At December 31, 2020, the partners' capital balances are as follows: A $200,000 180,000 C 190,000 $ 570,000 Fair value of other assets from D $50,000 b. Immediately after this, partner C withdraws from the partnership. She is paid in cash the balance in her capital account plus a bonus, contributed equally from the capital balances of A, B, and D. Bonus paid to C $ 18,000 Required 5 Prepare necessary adjusting entries at December 31, 2020 to record the admission of partner D and the withdrawal of partner C. Show all calculations. Part C (2021 and 2022) The trial balance of A, B, and D at December 31, 2021 after all adjustments have been made is as follows: Adjusted Balances Debit Account Title Credit Cash 83,000 80,000 Other Assets Accounts Payable 140,000 A, Capital B, Capital C, Capital 7,000 7,000 9,000 163,000 163,000 On January 1, 2022 the partnership is liquidated $ 144,000 Other assets are sold for: Gains and losses are liquidated in a ratio of: A B 3 D 5 Required 6 Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume any partner deficiency (debit balance) is repaid with cash by the applicable partner. 7 Prepare the journal entries to record the liquidation. A, B, and C GENERAL JOURNAL Cae dit Debit Description Total C A Amount of profit Salary allocation Balance Interest allocation: Opening cap. Rate A B Balance Fixed ratio allocation A B C Balance Allocated to partners A, B, and C Trial Balance At December 31, 2019 Adjusted Debit Adjusting Entries Credit Unadjusted Balances Account Title Debit Debit Credit Cash 50,000 500,000 Accounts Receivable Accounts Payable A, Capital A, Withdrawals B, Capital 90,000 120,000 110,000 B, Withdrawals C, Capital C, Withdrawals Income Summary Fees Revenue 160,000 700,000 Office Expense Salaries Expense - A 200,000 160,000 Salaries Expense - B Salaries Expense - C 120,000 150,000 1,180,000 1,180,000 A, B, and C Income Statement For the Year Ended December 31, 2019 A, B, and C Statement of Partners' Capital For the Year Ended December 31, 2019 Total A Bal. at Jan 1, 2019 Bal. at Dec. 31, 2019 A, B, and C Balance Sheet At December 31, 2019 Liabilities Assets Partners' Equity A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Accounts Partners' capital payable Other assets Cash A Opening balance Allocation of gain (loss) Amount Ratio A Before you begin, print out all the pages in this workbook. Part A (2019) Partnership A, B, and C is a law firm. You have been engaged as accountant to prepare financial statements for the year ended December 31, 2019. The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). 'Salary expenses listed on the trial balance are each partners' withdrawals for the year. Partnership profits are allocated based first on salaries, then on interest on opening capital balances, then on a fixed ratio. Salary allocation amounts are: $100,000 A $100,000 B $160,000 C Opening capital balances are: $70,000 A $60,000 $70,000 C 5% Interest rate is: The fixed ratio is: 2 A 3 Required 1 Prepare year-end adjusting entries. No descriptions are necessary. 2 Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry. 3 Post the adjusting entries and complete the trial balance. 4 Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31. Part B (2020) a. On December 31, 2020 new partner D invests other assets into the partnership for a one-quarter ownership interest. An equal amount of capital is contributed by A, B, and C to make up the difference. At December 31, 2020, the partners' capital balances are as follows: A $200,000 180,000 C 190,000 $ 570,000 Fair value of other assets from D $50,000 b. Immediately after this, partner C withdraws from the partnership. She is paid in cash the balance in her capital account plus a bonus, contributed equally from the capital balances of A, B, and D. Bonus paid to C $ 18,000 Required 5 Prepare necessary adjusting entries at December 31, 2020 to record the admission of partner D and the withdrawal of partner C. Show all calculations. Part C (2021 and 2022) The trial balance of A, B, and D at December 31, 2021 after all adjustments have been made is as follows: Adjusted Balances Debit Account Title Credit Cash 83,000 80,000 Other Assets Accounts Payable 140,000 A, Capital B, Capital C, Capital 7,000 7,000 9,000 163,000 163,000 On January 1, 2022 the partnership is liquidated $ 144,000 Other assets are sold for: Gains and losses are liquidated in a ratio of: A B 3 D 5 Required 6 Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume any partner deficiency (debit balance) is repaid with cash by the applicable partner. 7 Prepare the journal entries to record the liquidation. A, B, and C GENERAL JOURNAL Cae dit Debit Description Total C A Amount of profit Salary allocation Balance Interest allocation: Opening cap. Rate A B Balance Fixed ratio allocation A B C Balance Allocated to partners A, B, and C Trial Balance At December 31, 2019 Adjusted Debit Adjusting Entries Credit Unadjusted Balances Account Title Debit Debit Credit Cash 50,000 500,000 Accounts Receivable Accounts Payable A, Capital A, Withdrawals B, Capital 90,000 120,000 110,000 B, Withdrawals C, Capital C, Withdrawals Income Summary Fees Revenue 160,000 700,000 Office Expense Salaries Expense - A 200,000 160,000 Salaries Expense - B Salaries Expense - C 120,000 150,000 1,180,000 1,180,000 A, B, and C Income Statement For the Year Ended December 31, 2019 A, B, and C Statement of Partners' Capital For the Year Ended December 31, 2019 Total A Bal. at Jan 1, 2019 Bal. at Dec. 31, 2019 A, B, and C Balance Sheet At December 31, 2019 Liabilities Assets Partners' Equity A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Accounts Partners' capital payable Other assets Cash A Opening balance Allocation of gain (loss) Amount Ratio A