Keith Williams and Brian Adams were students when they formed a partnership several years ago for a part-time business called MusicWorks. Adjusted trial balance information for the year ended December 31, 2023, appears below.AccountAccountAccounts payableAccumulated depreciationBrian Adams, capital**Brian Adams, withdrawalsCashEquipmentExpensesBalance*$ 11,100Keith Williams, capital**Balance*$ 44,30091,000Keith Williams, withdrawals66,00038,000Note payable, due May 2025***152,00076,000227,200332,000Office suppliesRevenuesUtilities payable32,000512,0002,800118,000Assume all account balances are normal.The partners made no investments during the year.***$56,000 of the note payable is due in May 2024.Required:1. Prepare calculations that show how the profit should be allocated to the partners assuming the partnership agreement states thatprofit/(losses) are to be shared by allowing a $106,000 per year salary allowance to Williams, a $166,000 per year salary allowance toAdams, and the remainder on a 3:2 ratio. (Leave no cell blank. Enter "O" when the answer is zero.)ProfitSalary allowanceBalance of profit to be allocatedBalance allocated on a 3:2 ratioBalance of profitShares of the partnersWilliamsAdamsTotal0$00

Name: Keith Williams and Brian Adams were students when they formed a partn
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Description: Keith Williams and Brian Adams were students when they formed a partnership several years ago for a part-time business called MusicWorks. Adjusted trial balance information for the year ended December 31, 2023, appears below.AccountAccountAccounts p

Partnership:A partnership is an agreement between two or more people to run a business and share its…

Business

Accounting

Account ccounts payable cumulated depreciation rian Adams, capital** rian Adams, withdrawals ash quipment xpenses Balance* $ 11,100 91,000 38,000 76,000 227,200 332,000 118,000 Account Keith Williams, capital** Keith Williams, withdrawals Note payable, due May 2025*** Office supplies Revenues Utilities payable Balance $ 44,300 66,000 152,000 32,000 512,000 2,800

Account ccounts payable cumulated depreciation rian Adams, capital** rian Adams, withdrawals ash quipment xpenses Balance* $ 11,100 91,000 38,000 76,000 227,200 332,000 118,000 Account Keith Williams, capital Keith Williams, withdrawals Note payable, due May 2025* Office supplies Revenues Utilities payable Balance $ 44,300 66,000 152,000 32,000 512,000 2,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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