Ly Test 3 ~ Lyryx Learning Inc - Google Chrome X lifa1.lyryx.com/quiz-servlets/QuizServlet?ccid=11218 Judith Grimm and Kevin Smith formed a partnership, Classic Coverings on April 1, 2013 by investing $140,000 and $100,000 respectively. The partnership agreement states that incomes and losses are to be shared on the basis of a salary allowance of $21,000 for Judith Grimm and $27,000 for Kevin Smith, 5% interest on their initial investments with any remainder shared on the ratio of beginning-of-period capital balances. Following is the March 31, 2014 adjusted trial balance, in alphabetical order. Account Balance a) Complete the income allocation schedule below. Accounts Receivable. 56,800 Judith Grimm Kevin Smith Total Accumulated Depreciation, Furniture 110 Net income (loss):. Accumulated Depreciation, Machinery 50 Salaries Advertising Expense. 25,800 Interest : Bonds Payable (due December, 2018) 15,400 Total salary and interest : Cash. 16, 100 Remainder to be allocated :. Commissions Earned. 17,500 Remainder allocated between partners :. Consulting Revenue Earned. 11,500 Balance of net income (loss) to be allocated: Copyright.. 46,260 Total to be allocated to each partner:. Depreciation Expense, Furniture. 110 Depreciation Expense, Machinery. 50 b) Prepare a classified balance sheet for Classic Coverings at March 31, 2014. Furniture. 18,600 (select one) Insurance Expense.. 39,000 Balance Sheet Interest Earned 6,400 (select one) Interest Expense 6,940 Interest Payable. 12,000 Judith Grimm, Capital. 140,000 X + Judith Grimm, Withdrawal, 14,200 X H Kevin Smith, Capital. 100,000 X HK Kevin Smith, Withdrawal. 9,900 Land. 36,500 Machinery. 12,600 Merchandise Inventory. 3,900 Mortgage Payable (due November, 2020) 15,400 Rent Earned. 5,200 Rent Payable 12,000 Calarior Evnance 90 70n 08:33 Type here to search O -1'C Sunny ^ 0 6 1 / () ENG 22-11-2021Ly Test 3 ~ Lyryx Learning Inc - Google Chrome - X lifa1.lyryx.com/quiz-servlets/QuizServlet?ccid=11218 Account Balance a) Complete the income allocation schedule below. Accounts Receivable. 56,800 Judith Grimm Kevin Smith Total Accumulated Depreciation, Furniture. 110 Net income (loss): Accumulated Depreciation, Machinery 50 Salaries : Advertising Expense.. 25,800 Interest : Bonds Payable (due December, 2018) 15,400 Total salary and interest :.. Cash.. 16, 100 Remainder to be allocated : Commissions Earned. 17,500 Remainder allocated between partners Consulting Revenue Earned. 11,500 Balance of net income (loss) to be allocated Copyright. 46,260 Total to be allocated to each partner: Depreciation Expense, Furniture. 110 Depreciation Expense, Machinery. 50 b) Prepare a classified balance sheet for Classic Coverings at March 31, 2014. Furniture. 18,600 (select one) Insurance Expense.. 39,000 Balance Sheet Interest Earned 6,400 (select one) Interest Expense. 6,940 12,000 X HK Interest Payable. Judith Grimm, Capital 140,000 Judith Grimm, Withdrawal 14,200 Kevin Smith, Capital. 100,000 + + 4 X Kevin Smith, Withdrawal 9,900 X + + Land 36,500 Machinery. 12,600 Merchandise Inventory 3,900 Mortgage Payable (due November, 2020) 15,400 Rent Earned 5,200 Rent Payable. 12,000 Salaries Expense. 28,700 Trademark. 20, 100 08:33 Type here to search O -1'C Sunny ^ 0 6 2 ( () ENG 22-11-2021