Please help answering the attached question with steps on how you solved the problem. Partnership A, B, and C is a law firm. You have been engaged as accountant to preparefinancial statements for the year ended December 31, 2019.The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). 'Salaryexpenses' listed on the trial balance are each partners' withdrawals for the year.Partnership profits are allocated based first on salaries, then on interest on opening capitalbalances, then on a fixed ratio.Salary allocation amounts are:$100,000$100,000$160,000AвOpening capital balances are:A$70,000в$60,000$70,0005%Interest rate is:The fixed ratio is:Aв5Required1 Prepare year-end adjusting entries. No descriptions are necessary.2 Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry.3 Post the adjusting entries and complete the trial balance.4 Prepare an income statement and statement of partners' capital for the year endedDecember 31, 2019 and a balance sheet at December 31.

Given: To prepare the given requirements as,

Answered: h steps on how you solved the proble

Business

Accounting

h steps on how you solved the proble

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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Question

Please help answering the attached question with steps on how you solved the problem.

Partnership A, B, and C is a law firm. You have been engaged as accountant to prepare
financial statements for the year ended December 31, 2019.
The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). 'Salary
expenses' listed on the trial balance are each partners' withdrawals for the year.
Partnership profits are allocated based first on salaries, then on interest on opening capital
balances, then on a fixed ratio.
Salary allocation amounts are:
$100,000
$100,000
$160,000
A
в
Opening capital balances are:
A
$70,000
в
$60,000
$70,000
5%
Interest rate is:
The fixed ratio is:
A
в
5
Required
1 Prepare year-end adjusting entries. No descriptions are necessary.
2 Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry.
3 Post the adjusting entries and complete the trial balance.
4 Prepare an income statement and statement of partners' capital for the year ended
December 31, 2019 and a balance sheet at December 31.

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