Prоblems Prepаre the prоblems belоw using Excel. Uploаd the workbook using the link. 1. (20 points) Norr аnd Caylor established a partnership on January 1, 2020. Norr invested cash of $86,000 and Caylor invested $26,000 in cash and equipment with a book value of $34,000 and fair value of $46,000. For both partners, the beginning capital balance was to equal the initial investment. Norr and Caylor agreed to the following procedure for sharing profits and losses: • 12% interest on the yearly beginning capital balance; • $35 per hour of work that can be billed to the partnership's clients; • the remainder allocated on a 3:5 ratio. The Articles of Partnership specified that each partner should withdraw no more than $800 per month, which is accounted for as a direct reduction of that partner’s capital balance.For 2020, the partnership's income was $92,600.Norr had 1,100 billable hours, and Caylor worked 1,500 billable hours. In 2021, the partnership's income was $34,000, and Norr and Caylor worked 800 and 1,200 billable hours respectively. Each partner withdrew $800 per month throughout 2020 and 2021. Required: a. Determine the amount of net income allocated to each partner for 2020 and 2021. b. Determine the balance in both capital accounts at the end of 2020 and at the end of 2021. Show all calculations and label all amounts. Do not round. Display dollar amounts to the nearest whole dollar. 2. (25 points) The ABCD Partnership had the following account balances at January 1, 2020, prior to the admission of a new partner, Eden. Cash and current assets $40,000 Land 226,000 Building and equipment 114,000 Liabilities 53,000 Adams, capital 29,000 Barnes, capital 45,000 Cordas, capital 99,000 Davis, capital 154,000 Eden contributed $149,000 in cash to the business to receive a 30% interest in the partnership. The bonus method was used. The four original partners shared all profits and losses equally. Required: a. Record the journal entry or entries to admit Eden to the partnership. b. Determine the capital balance of each partner after Eden's admission. Show all calculations and label all amounts. Do not round. Display dollar amounts to the nearest whole dollar. 3. (40 points) Dancey, Reese, Newman, and Jahn were partners who shared profits and losses on a 3:2:3:2 basis, respectively. They were beginning to liquidate their business. At the start of the process, account balances were as follows: Cash $50,000 Inventory 65,000 Other assets 131,000 Liabilities 70,000 Dancey, capital 61,000 Reese, capital 38,000 Newman, capital 56,000 Jahn, capital 21,000 Required: a. Prepare a predistribution plan. Show all calculations and label all amounts. Do not round. Display dollar amounts to the nearest whole dollar. b. Prepare journal entries assuming the following events occurred: • Liquidation expenses of $9,500 were paid to attorneys and accountants. • Inventory was sold for $38,000. • A safe cash payment was made to the partners; no further liquidation expenses were anticipated. Assume each partner is personally insolvent. • Other assets were sold for $65,000. • Liabilities were paid in full. • A final cash distribution was made.
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