accounting for formation splitting of income and liquidation 531609

20000 10000 5000 3000 50000 30000 10000 15000 25000 28000 7000 1 2 3 50000 4 127000 20000 6000 65000 40000 36000 5 6 Conway Asset Book value Market value Lawrence Book Value Cash Accounts receivable Note payable Inventory Equipmnet Accumulated Depreciation Accounts Payable Equipment Capital, Lawrence Conway Korman Net Income Capital, Conway Note Payable Capital,Korman The equipment is sold for $8,000 Debit Credit Requirements: Journalize the formation of the partnership. Accounts Journal Journalize Korman’s admission to the partnership. Half way through the first year of operations Conway and Lawrence admit Korman to the partnership. Korman buys a 1/2 share for $37,000 in cash. The net income for the first year of oprations was $50,000. After giving Conway a salary of $20,000, the rest of the net income is split evenly among the partners. Journalize the closing of the income summary accounts to the capital accounts. Prepare an income distribution worksheet. Income Distribution Complete the liquidating worksheet. Journalize each step of the closing. After 5 years of operation Conway, Korma, and Lawrence decide to dissolve their partnership. The following are the account balances before liquidation begins: Liquidation Conway and Lawrence form a partnership by combining the assets and liabilities of their respective sole proprietorships. The following are the assets and liabilities of each partner and their market values. Module 9 Assignment: ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????