Financial Statements for Partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y2: Ramirez and Xue Trial Balance December 31, 20Y2   Debit Balances   Credit Balances Cash 50,400     Accounts Receivable 48,000     Supplies 1,800     Land 120,000     Building 132,000     Accumulated Depreciation—Building     75,000 Office Equipment 55,200     Accumulated Depreciation—Office Equipment     23,300 Accounts Payable     35,800 Salaries Payable     3,800 Camila Ramirez, Capital     120,000 Camila Ramirez, Drawing 54,000     Ping Xue, Capital     72,000 Ping Xue, Drawing 78,000     Professional Fees     436,800 Salary Expense 175,200     Depreciation Expense—Building 17,400     Heating and Lighting Expense 8,600     Depreciation Expense—Office Equipment 5,400     Property Tax Expense 10,800     Supplies Expense 6,200     Miscellaneous Expense 3,700       766,700   766,700 The balance in Xue's capital account includes an additional investment of $12,000 made on May 5, 20Y2. Required: 1.  Prepare an income statement for 20Y2, indicating the division of net income. The partnership agreement provides for salary allowances of $48,000 to Ramirez and $59,000 to Xue, allowances of 10% on each partner's capital balance at the beginning of the fiscal year, and equal division of the remaining net income or net loss.   Ramirez and Xue Income Statement For the Year Ended December 31, 20Y2     $fill in the blank 2 Operating expenses:            $fill in the blank 4          fill in the blank 6          fill in the blank 8          fill in the blank 10          fill in the blank 12          fill in the blank 14          fill in the blank 16          Total operating expenses   fill in the blank 17     $fill in the blank 19 Ramirez and Xue Division of Income For the Year Ended December 31, 20Y2   Camila Ramirez Ping Xue Total Division of net income:            Salary allowance $fill in the blank 20 $fill in the blank 21 $fill in the blank 22      Interest allowance fill in the blank 23 fill in the blank 24 fill in the blank 25      Remaining income fill in the blank 26 fill in the blank 27 fill in the blank 28 Net income $fill in the blank 29 $fill in the blank 30 $fill in the blank 31   2.  Prepare a statement of partnership equity for 20Y2. If any amounts are zero, enter in "0".   Ramirez and Xue Statement of Partnership Equity For the Year Ended December 31, 20Y2   Camila Ramirez Ping Xue Total Balances, January 1, 20Y2 $fill in the blank 32 $fill in the blank 33 $fill in the blank 34 Capital additions fill in the blank 35 fill in the blank 36 fill in the blank 37 Net income for the year fill in the blank 38 fill in the blank 39 fill in the blank 40 Partner withdrawals fill in the blank 41 fill in the blank 42 fill in the blank 43 Balances, December 31, 20Y2 $fill in the blank 44 $fill in the blank 45 $fill in the blank 46   3.  Prepare a balance sheet as of the end of 20Y2.   Ramirez and Xue Balance Sheet December 31, 20Y2 Assets Current assets:                $fill in the blank 48            fill in the blank 50            fill in the blank 52          Total current assets     $fill in the blank 53 Property, plant, and equipment:                $fill in the blank 55          $fill in the blank 57            fill in the blank 59 fill in the blank 60          $fill in the blank 62            fill in the blank 64 fill in the blank 65   Total property, plant, and equip.     fill in the blank 66 Total assets     $fill in the blank 67 Liabilities Current liabilities:                $fill in the blank 69            fill in the blank 71   Total liabilities     fill in the blank 72 Partners' Equity     $fill in the blank 74       fill in the blank 76   Total partners' equity     fill in the blank 77 Total liabilities and partners' equity     $fill in the blank 78

Partnership A, B and C is a law firm. You have been engaged as accountant to prepare financial statements for the year ended Dec. 31, 2019   Partnerships profits are alllocated based fist on salaries,then on interest on opening capital balances then on fixed ratio. Salary allocation amount are A                  $100000 B                  $100000 C                  $160000 Opening capital balances A                    $70000 B                    $60000 C                    $70000 Interest rate is: 5% Fixed ratio is A         3 B         2 C         5 required Prepare year end adjusting entries Allocate partnership profit or loss to each partner Prepare adjusting entry and complete trial balnce Prepare income statement and statement of partners capital for the year ended Dec. 31, 2019 and a balance sheet for Dec.31

The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information: 1. The partnership's trial balance on June 30, 20X1, Is Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Pen, Capital Evan, Capital Torves, Capital Total Profit and loss percentages Preliquidation capital balances Loss absorption potential (capital balances / loss percent) Decrease highest LAP to next highest: Debit $ 6,800 30,000 22,000 99,700 Decrease LAPS to next highest: $ 158,500 2. The partners share profits and losses as follows: Pen, 50 percent; Evan, 30 percent; and Torves, 20 percent. 3. The partners are considering an offer of $108,000 for the firm's accounts receivable, Inventory, and plant and equipment as of June 30. The $108,000 will be paid to creditors and the partners in Installments, the number and amounts of which are to be negotiated. Required: Prepare a cash distribution plan as of June 30,…

Dividing Partnership IncomeBeau Dawson and Willow McDonald formed a partnership, investing $120,000 and $ 180,000, respectively.Determine their participation in the year's net income of $295,000 under each of the following independent assumptions:a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $38,000 and $50,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 5% on original investments, salary allowances of $38,000 and $50,000, respectively, and the remainder divided equally.

Admitting New Partner With Bonus L. Bowers and V. Lipscomb are partners in Elegant Event Consultants. Bowers and Lipscomb share income equally. M. Ortiz will be admitted to the partnership. Prior to the admission, equipment was revalued downward by $9,000. The capital balances of each partner are $74,500 and $103,000, respectively, prior to the revaluation. Question Content Area a. Provide the journal entry for the asset revaluation. For a compound transaction, if an amount box does not require an entry, leave it blank. blank EquipmentL. Bowers, CapitalL. Bowers, DrawingV. Lipscomb, DrawingM. Ortiz, Capital - Select - - Select -   CashEquipmentL. Bowers, DrawingV. Lipscomb, CapitalM. Ortiz, Capital - Select - - Select -   EquipmentL. Bowers, CapitalV. Lipscomb, CapitalM. Ortiz, CapitalM. Ortiz, Drawing - Select - - Select - Question Content Area b. Provide the journal entry for Ortiz’s admission under the following independent situations: 1. Ortiz purchased a 20%…

Dividing Partnership Net Income Steve King and Chelsy Boxer formed a partnership, dividing income as follows: 1. Annual salary allowance to Boxer of $88,740. 2. Interest of 6% on each partner's capital balance on January 1. 3. Any remaining net income divided to King and Boxer, 1:2. King and Boxer had $81,000 and $99,000, respectively, in their January 1 capital balances. Net income for the year was $153,000. Required: How much net income should be distributed to King and Boxer? King: $ Boxer:

Preparing Partial Financial Statements and Closing Entries The partnership of Robo and Swing, CPAS, reported revenues of $215,000 and expenses of $80,000 on their year-end work sheet. Their capital balances as of January 1, 20--, were $55,000 for I. Robo and $45,000 for B. Swing. No additional investments were made during the year. As stated in their partnership agreement, after withdrawing salary allowances of $65,000 for Robo and $35,000 for Swing, the partners each withdrew their full 10% interest allowances on their January 1 capital balances. No additional withdrawals were made. Any remaining net income is to be divided on a 45-55 basis. Required: 1. Prepare the lower portion of the income statement of the partnership for the year ended December 31, 20--, showing the division of the partnership net income for the year.