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CHAPTER 11 Partnerships seith Williams and Brian Adams were students when they formed a partnership several years time business called Music Works. Adjusted trial balance information for the vear ended December 31, 2020 appears below. Account Accounts payable Accumulated depreciation Brian Adams, capital Bean Adams, withdrawals - Balance $ 9.500 75.000 22.000 60,000 208.000 300.000 102.000 Account Keith W ams, capital Keith Wilms, withdrawals Note payable, due May 2022 Office Supplies Revenues Utilities payable Balance $ 28,300 50.000 120.000 16.000 480.000 1.200 Ecument Expenses e account balances are normal The partners made no investments during the year $40.000 of the note payable is due in May 2021. Required 1. Prepare calculations that show how the profit should be allocated to the partners assuming the partner chip agreement states that profit/Closses) are to be shared by allowing a $90,000 per year salary allowance to Williams, a $150,000 per year salary allowance to Adams, and the remainder on a 3:2 ratio. 2. Prepare the journal entry to close the Income Summary account to the partners' capital accounts. 3. Prepare a statement of changes in equity and a classified balance sheet. Analysis Component: Why might the partners' capital accounts be so small relative to the amount of artner 104 CHAPTER 11 Partnerships seith Williams and Brian Adams were students when they formed a partnership several years time business called Music Works. Adjusted trial balance information for the vear ended December 31, 2020 appears below. Account Accounts payable Accumulated depreciation Brian Adams, capital Bean Adams, withdrawals - Balance $ 9.500 75.000 22.000 60,000 208.000 300.000 102.000 Account Keith W ams, capital Keith Wilms, withdrawals Note payable, due May 2022 Office Supplies Revenues Utilities payable Balance $ 28,300 50.000 120.000 16.000 480.000 1.200 Ecument Expenses e account balances are normal The partners made no investments during the year $40.000 of the note payable is due in May 2021. Required 1. Prepare calculations that show how the profit should be allocated to the partners assuming the partner chip agreement states that profit/Closses) are to be shared by allowing a $90,000 per year salary allowance to Williams, a $150,000 per year salary allowance to Adams, and the remainder on a 3:2 ratio. 2. Prepare the journal entry to close the Income Summary account to the partners' capital accounts. 3. Prepare a statement of changes in equity and a classified balance sheet. Analysis Component: Why might the partners' capital accounts be so small relative to the amount of artner 104