User Account

All Pages

Prepare an income statement and statement of partners

Assignment Help Financial Accounting
Reference no: EM132498993

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:

A $100,000

B $100,000

C $160,000

Opening capital balances are:

A $70,000

B $60,000

C $70,000

Interest rate is: 5%

The fixed ratio is:

A 2

B 3

C 5

Required

Question 1: Prepare year-end adjusting entries. No descriptions are necessary.

Question 2: Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry.

Question 3: Post the adjusting entries and complete the trial balance.

Question 4: Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31.

Reference no: EM132498993

Questions Cloud

Narrative of the life of frederick douglass : What is the psychological impact of slavery on the slaveholder? on the slave?
Narrative of the life of frederick douglass : What does Douglass think of the slaveholders' religion? What kind of religious life do the slaves have?
How does the closing process differ for the partnership : What are the unique financial reporting implications of the Partnership entity in comparison with the Proprietorship and Corporate structures?
How did the cuban missile crisis affect jfk presidency : Do you believe the assassination of President John F. Kennedy was an act of the Soviet Union or even possibly Cuba?.. Was the Bay of Pigs a good plan that was p
Prepare an income statement and statement of partners : Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31.
Determining the average lifestyle in the south : Was Gone with the Wind an accurate portrayal of the average lifestyle in the South prior to the Civil War or does it appear to be romanticized?
Civil rights act in 1964 : This law was especially important for Johnson to support because he came from which part of the country?
How did these economic systems and ideologies : How did these economic systems and ideologies (capitalism, socialism, and communism) contribute to change in the period from 1750-1900?
Calculate break-even in dollars : Calculate break-even in dollars given the following information: sales per unit of $40, variable costs of $15, fixed costs of $15,000

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd