Exercise Content Lab

Complete Ex 12-15 on page 615 and PR 12-1A on page 621 using the attached templates.

Exercise 12-15
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Section:
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ANGEL INVESTOR ASSOCIATES
Statement of Partnership Equity
For the Year Ended December 31, 20Y5
Dennis
Ben
Overton,
Testerman,
Capital
Capital
Partnership capital, January 1, 20Y5
Admission of Randy Campbell
Salary allowance
Remaining income
Less: Partner withdrawals
Partnership capital, December 31, 20Y5
Randy
Campbell,
Capital
Total
Partnership
Capital
Problem 12-1A
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a.
Mar. 1
1
2.
KEENE AND WALLACE
Balance Sheet
March 1, 20Y8
Assets
Current assets:
Cash
Accounts receivable
Less allowance for doubtful accounts
Merchandise inventory
Total current assets
Property, plant, and equipment:
Equipment
Total assets
Liabilities
Current liabilities:
Accounts payable
Notes payable
Total liabilities
Partners’ Equity
Eric Keene, capital
Renee Wallace, capital
Total partners’ equity
Total liabilities and partners’ equity
3.
Feb. 28
28
Schedule:
Interest allowance
Salary allowance
Remaining income
Net income
Keene
Wallace
Total