Below is the adjusted trial balance for the partnership of J, K and L. group of CPA's in the practice of their profession.

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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Requirement: Prepare statement of income, with a schedule showing distribution of profits

Below is the adjusted trial balance for the partnership of J, K and L. group of CPA's in
the practice of their profession.
JKL Partnership
Adjusted Trial Balance
Year Ended December 31, 2019
Cash
95,980
Accounts Receivable
167.850
Allowance for Doubtful Accounts
Supplies
Prepaid Insurance
Furniture and Equipment
Accumulated Depreciation - F&E
Accounts Payable
Salaries Payable
Utilities Payable
J. Capital
K. Capital
L. Capital
J. Drawing
K. Drawing
L. Drawing
Professional Service Fees
10,240
24,120
18,090
788.650
70,600
19,460
11,150
12,700
350,000
350,000
200,000
52.000
50,000
30,000
736,700
Salaries Expense
Rent Expense
Utilities Expense
Miscellaneous Expense
353,470
98.000
76,140
8,270
Interest Income
7,440
Interest Expense
Total
5,720
1,768,290
1,768,290
Additional Information:
The profit and loss agreement of the partners is as follows:
i Interest of 10% is to be paid on their beginning capital balances;
i. The partners are entitled to salary allowances of 25,000, 20.000 and 20,000.
respectively:
i. Remaining balance is to be divided 4:3:3
Transcribed Image Text:Below is the adjusted trial balance for the partnership of J, K and L. group of CPA's in the practice of their profession. JKL Partnership Adjusted Trial Balance Year Ended December 31, 2019 Cash 95,980 Accounts Receivable 167.850 Allowance for Doubtful Accounts Supplies Prepaid Insurance Furniture and Equipment Accumulated Depreciation - F&E Accounts Payable Salaries Payable Utilities Payable J. Capital K. Capital L. Capital J. Drawing K. Drawing L. Drawing Professional Service Fees 10,240 24,120 18,090 788.650 70,600 19,460 11,150 12,700 350,000 350,000 200,000 52.000 50,000 30,000 736,700 Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense 353,470 98.000 76,140 8,270 Interest Income 7,440 Interest Expense Total 5,720 1,768,290 1,768,290 Additional Information: The profit and loss agreement of the partners is as follows: i Interest of 10% is to be paid on their beginning capital balances; i. The partners are entitled to salary allowances of 25,000, 20.000 and 20,000. respectively: i. Remaining balance is to be divided 4:3:3
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