Hi! Can you please answer this with explanation/solution? Thank you. ( much better if not hand-written so that I can understand the answer easily. 4:58O * ? l 41%E PartnershipOperationsPartnership Operations Activity 3Stardew PartnershipCherry, Apple and Lemon who are partners in the Stardew Store, share the profits in the ratio of 30:20:50,respectively. The adjusted trial balance on Dec. 31, 2020 follows:DebitsCreditsCashP 110,000Accounts Receivable80,000Merchandise InventoryPrepaid Rent800,00020,000Prepaid Insurance15,000Accounts PayableP 50,000Notes PayableCherry, CapitalApple, CapitalLemon, Capital115,000125,000275,000110,000Sales2,500,000Cost of Sales1,450,000Salaries Expense450,000Rent Expense200,000Insurance ExpenseUtililties Expense30,00020.000P3,175,000P3,175.000Required:1. Prepare the 2020 statement of comprehensive income. Show the division of profit at the lower portion of thestatement.2. Prepare the statement of changes in partners' equity for 2020. Assume the following additional information:Capital Accounts, Jan. 1, 2020 Investments during the year Withdrawals during the yearCherryP 75.000P 50,000Аple300,00025,000P 50,000Lemon150,00040,0003. Prepare the statement of financial position as at Dec. 31, 2020.II

Income statement means the statement which show the cost of goods sold and selling price and give…

E PartnershipOperations Partnership Operations Activity 3 Stardew Partnership Cherry, Apple and Lemon who are partners in the Stardew Store, share the profits in the ratio of 30:20:50, respectively. The adjusted trial balance on Dec. 31, 2020 follows: Debits Credits Cash P 110,000 Accounts Receivable 80,000 Merchandise Inventory Prepaid Rent Prepaid Insurance Accounts Payable Notes Payable Cherry, Capital Apple, Capital Lemon, Capital 800,000 20,000 15,000 P 50,000 115,000 125,000 275,000 110,000 Sales 2,500,000 Cost of Sales 1,450,000 Salaries Expense Rent Expense Insurance Expense Utilities Expense 450,000 200,000 30,000 20,000 P3,175.000 P 3,175,000 Required: 1. Prepare the 2020 statement of comprehensive income. Show the division of profit at the lower portion of the statement. 2. Prepare the statement of changes in partners' equity for 2020. Assume the following additional information: Capital Accounts, Jan. 1, 2020 Investments during the year Withdrawals during the year P 75,000 P 50,000 Cherry Apple P 50,000 300,000 25,000 Lemon 150,000 40,000 3. Prepare the statement of financial position as at Dec. 31, 2020. ...

E PartnershipOperations Partnership Operations Activity 3 Stardew Partnership Cherry, Apple and Lemon who are partners in the Stardew Store, share the profits in the ratio of 30:20:50, respectively. The adjusted trial balance on Dec. 31, 2020 follows: Debits Credits Cash P 110,000 Accounts Receivable 80,000 Merchandise Inventory Prepaid Rent Prepaid Insurance Accounts Payable Notes Payable Cherry, Capital Apple, Capital Lemon, Capital 800,000 20,000 15,000 P 50,000 115,000 125,000 275,000 110,000 Sales 2,500,000 Cost of Sales 1,450,000 Salaries Expense Rent Expense Insurance Expense Utilities Expense 450,000 200,000 30,000 20,000 P3,175.000 P 3,175,000 Required: 1. Prepare the 2020 statement of comprehensive income. Show the division of profit at the lower portion of the statement. 2. Prepare the statement of changes in partners' equity for 2020. Assume the following additional information: Capital Accounts, Jan. 1, 2020 Investments during the year Withdrawals during the year P 75,000 P 50,000 Cherry Apple P 50,000 300,000 25,000 Lemon 150,000 40,000 3. Prepare the statement of financial position as at Dec. 31, 2020. ...

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 6SPB

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