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urgent please help ALL :)) A. Wiggins, L. Stokes, and K. Hayes are forming a partnership. Wiggins is transferring $83,000 of personal cash to the
urgent please help ALL :))
A. Wiggins, L. Stokes, and K. Hayes are forming a partnership. Wiggins is transferring $83,000 of personal cash to the partnership. Stokes owns land worth $21,000 and a small building worth $155,000, which she transfers to the partnership. Hayes transfers to the partnership cash of $16,500, accounts receivable of $47,700 and equipment worth $29,000. The partnership expects to collect $45,400 of the accounts receivable. (a) Prepare the journal entries to record each of the partners' investments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit + (To record investment of Wiggins) + (To record investment of Wiggins) 4 A (To record investment of Stokes) + + (To record investment of Haves) + 1 UNIT The adjusted trial balance of the Ricci and Napoli Partnership for the year ended December 31, 2020, appears below: RICCI AND NAPOLI PARTNERSHIP Adjusted Trial Balance December 31, 2020 Debit Credit Current Assets Plant Assets Current Liabilities Long-term Debt Ricci, Capital Ricci, Drawings Napoli, Capital Napoli, Drawings Sales Revenue Cost of Goods Sold 19,000 80,000 4,000 6,500 60,000 6,500 50,000 20,000 15,000 100,000 Napoli, Drawings 6,500 Sales Revenue 100,000 Cost of Goods Sold 60,000 Operating Expenses 22,000 191,500 191,500 The partnership agreement stipulates that a division of partnership net income or net loss is to be made as follows: 1. A salary allowance of $12,000 to Ricci and $22,000 to Napoli. The remainder is to be divided equally. 2. Prepare a schedule which shows the division of net income to each partner. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) RICCI AND NAPOLI PARTNERSHIP Income Statement For the Year Ended December 31, 2020 $ Salary allowance Remaining deficiency Total division $ $ Ricci Division of Net Income $ $ Napoli $ $ TotalStep by Step Solution
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