Keith Williams and Brian Adams were students when they formed a partnership several years ago for a
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Question:
Keith Williams and Brian Adams were students when they formed a partnership several years ago for a parttime business called Music Works. Adjusted trial balance information for the year ended December appears below. Account Balance Account Balance Accounts payable$ Keith Williams, capital$ Accumulated depreciation Keith Williams, withdrawals Brian Adams, capital Note payable, due May Brian Adams, withdrawals Office supplies Cash Revenues Equipment Utilities payable Expenses Assume all account balances are normal.The partners made no investments during the year.$ of the note payable is due in May Required: Prepare calculations that show how the profit should be allocated to the partners assuming the partnership agreement states that profitlosses are to be shared by allowing a $ per year salary allowance to Williams, a $ per year salary allowance to Adams, and the remainder on a : ratio. Leave no cell blank. Enter when the answer is zero.
Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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