Expert answer:Spreadsheet

Expert answer:Assignment Choice #2: Partnership TransactionsUsing the data in the Option 2 Spreadsheet (linked at the bottom of the page), perform the accounting required for the formation, operations, and liquidation of the SPLIT Partnership. Within the worksheet, you are to:Perform the required journal entriesUpdate the partnership financials after each set of transactions. There are three sets—formation set, operation set, and liquidation set.Complete all work on the spreadsheet attached to this assignment; it will be your only deliverable.Part 1: Perform for all partnership formation transactionsPart 2: Perform for all operational and liquidation transactionsMake sure to label your answers and provide support where needed. Your responses should be complete, well written, and in conformity with the CSU-Global Guide to Writing and APA Requirements.
act470_studenttemplate_portfolio_opt2.xlsx

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Fair Value of Items Contributed to Partnership (FMV=Basis) on March 1, 2014
Assets, Liabilities & Equities
Cash
AR
Inventory
Land
Furniture
Less: Accumulated Depreciation
Computer
Less: Accumulated Depreciation
Building
Total Assets
AP
Loan-L
S
$10,000
$15,000
P
$25,000
L
$25,000
I
$25,000
$15,000
$15,000
$60,000
$30,000
$5,000
$85,000
$0
$0
$55,000
$0
$5,000
$45,000
$15,000
$0
$50,000
$90,000
$0
$0
2014
a)
T
$25,000
$10,000
$15,000
$50,000
$0
$0
b)
c)
Use the information to the left to journalize the formation of the partnership. Prepare the beginning partnership
balance sheet using the template to the right
Account
DR
Assume it is now December 31, 2014. Adjust for depreciation for the furniture (7 year life), computer (3 year life)
and building (40 year life).
Account
DR
In addition to the depreciation expenses there are $10,000 of operations expenses all paid in cash. There was also
operational revenue of $20,000 (also paid in cash). Prepare the partnership balance sheet as of December 31,
2014 also given the effects of transactions in a) and b).
Income Statement for SPLIT for the Year Ended December 31, 2014
Operational Revenue
Depreciation Expense***
Other Operational Expenses
Net Income
*** Use amount from adjusting entry and calculate net income
$20,000
$10,000
he beginning partnership
CR
e), computer (3 year life)
CR
aid in cash. There was also
et as of December 31,
Balance Sheet for SPLIT as of March 1, 2014
Assets
Cash
AR
Inventory
Land
Furniture
Less: Accumulated Depreciation
Computer
Less: Accumulated Depreciation
Building
Total Assets
Liabilities
AP
Loan-L
Equity
Capital-S
Capital-P
Capital-L
Capital-I
Capital-T
Total Equity and Liabilities
Balance Sheet for SPLIT as of December 31, 2014
Assets
Cash
AR
Inventory
Land
Furniture
Less: Accumulated Depreciation
Computer
Less: Accumulated Depreciation
Building
Less: Accumulated Depreciation
Total Assets
Liabilities
AP
Loan-L
Equity
Capital-S
Capital-P
Capital-L
Capital-I
Capital-T
Total Equity and Liabilities
Statement of Liquidation for SPLIT
Assets
Cash
Noncash Assets
Accounts Payable
Liabilities
Notes Payable
Realization and allocation
Subtotals
Distributions
Outside Creditors
Partner Loans
Partners Capital
Post Liquidation Balances
** Fixed assets each sold for 20% above ending book value, Inventory sold for 10% below ending book value and all other fair
quidation for SPLIT
Partners Capital
lities
Loan
S
P
L
ending book value and all other fair values were equal to book value.
I
T
…
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