ACCounting-Income Statement for Year

1. Income Statement for Year 11 (Use the “Year 11 Partnership Distribution” worksheet found in the “Partnership Income and TaxYear 10 Financial Statements – GivenFan Company AIncome StatementDecember 31, Year 10Revenues:Wholesale SalesRetail SalesSales Returns and AllowSales DiscountsNet SalesExpenses:Cost of Goods SoldAdministrative Expenses:Office SuppliesOffice Machine RentalOffice Staff PayrollSelling Expenses:AdvertisingSales Base PaySales Commission1950000110000196400082400010281047000800057000AssetsCurrent Assets:CashAccounts ReceivablePrepaid InsuranceRaw Materials Inv.Work in Process Inv.Finished Goods Inv.3899979900030000500003200060000210000600000140000Total Assets2200032000600045000Net Income (Loss)30%Partner Net IncomeC732080154000300006720801540063698019109420000370494Intangible Assets:Patents1000007200058920Depreciation ExpenseFan Company ABalance SheetDecember 31, Year 10Prop, Plant, & Equip:LandBuildingManufacturing Equip4600050000Travel Expenses:AirfareLodgingMiscellaneousFan Company AStatement of Partner’s EquityDecember 31, Year 1020%50%PartnerPartnerABBeg Capital17700020000Salary Allowance30000Interest Allowance177002000Net Income/Loss127396318490Withdrawals1497620000Ending Capital3071203504901231920732080LiabilitiesCurrent Liabilities:Accounts PayableNotes PayableLong Term Liabilities:Notes PayableMortgage Payable210002689319000534000Partners Equity:J. Black, CapitalS. Brown, CapitalL. Green, Capital307120350490370494180001628997Liabilities and Equity1628997Year 11 Financial Data – GivenFan Company ADecember 31, Year 11Year 11 Financial DataWholesale SalesRetail SalesSales Returns and Allowances (Wholesale Sales only)Sales Discounts (Wholesale Sales only)Expenses:Cost of Goods SoldAdministrative Expenses:Office SuppliesOffice Machine RentalOffice Staff PayrollSelling Expenses:AdvertisingSales Base PaySales Commission1,697,063550 Units at $1102% of Sales1.85% of Sales874725.005000.006000.0060000.00150000.0072000.002% of wholesale salesTravel Expenses:AirfareLodgingMiscellaneous25,000.0028,000.006,000.00Depreciation Expense45,000.00General PartnerNamesPartner APartner BPartner CProfit/LossPercentage20%50%30%Fan Company AIncome StatementDecember 31, Year 11Revenues:Wholesale SalesRetail SalesSales Returns and AllowSales DiscountsNet SalesExpenses:Cost of Goods SoldGross MarginFan Company AStatement of Partner’s EquityDecember 31, Year 111697063605003394131396653371692226Beginning CapitalBonus Paid with Admission of DNew Capital BalancePartnerA307120-3071200NOTE: There are some self check numbers provided. The checknumbers and other comments are in the cells marked with thered triangle.Admit Partner D to PartnershipPartnerPartnerPartnerBCD35049037049430712026800160800377290386574307120874725CLICK HERE.817501REALIGNMENT OF PARTNERSHIP ALLOCATIONSAdministrative Expenses:Office SuppliesOffice Machine RentalOffice Staff payrollSelling Expenses:AdvertisingSales base paySales Commission5000600060000Each Partner’s proportionate interestafter E admitted in percentagePartnerABeg Capital0Partner E Bonus0New Capital Balance0Interest AllowanceInterest NoteSalary AllowanceNet Income/LossCapital + Allowances+IncomeWithdrawalsPartners’ Capital Balances01500007200033941Travel expenses:AirfareLodgingMiscellaneous25000280006000Depreciation Expense45000Net Income (Loss)44%PartnerB37729038873338417 033842 03000096303498562 060000438562 0CLICK HERE.430941386560Admit Partner E26%10%PartnerPartnerCD38657430712023324363250 0307120 036792 030712300005691621891486959 0359723 03500015000451959 0344723 020%PartnerE1900006219725219763054378230228430000272284NOT GRADEDNet IncomeDistributionWork column386560386560278909218909

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