The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $78,000 and $55,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Grecco invested an additional $8,000. During the year, Grecco and Rosenfeld withdrew $41,000 and $33,000, respectively, and net income for the year was $104,000. Revenues were $525,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Question Content Area a. Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld. If an amount is zero or a blank, enter in 0. Grecco and RosenfeldStatement of Partnership EquityFor the Year Ended December 31, 20Y4 Lorraine Grecco Carrie Rosenfeld Total Balances, January 1, 20Y4 $fill in the blank d42536f7cfc6fb1_1 $fill in the blank d42536f7cfc6fb1_2 $fill in the blank d42536f7cfc6fb1_3 Additional investment during the year fill in the blank d42536f7cfc6fb1_4 fill in the blank d42536f7cfc6fb1_5 fill in the blank d42536f7cfc6fb1_6 Net income for the year fill in the blank d42536f7cfc6fb1_7 fill in the blank d42536f7cfc6fb1_8 fill in the blank d42536f7cfc6fb1_9 Withdrawals during the year fill in the blank d42536f7cfc6fb1_10 fill in the blank d42536f7cfc6fb1_11 fill in the blank d42536f7cfc6fb1_12 Balances, December 31, 20Y4 $fill in the blank d42536f7cfc6fb1_13 $fill in the blank d42536f7cfc6fb1_14 $fill in the blank d42536f7cfc6fb1_15

The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $78,000 and $55,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Grecco invested an additional $8,000. During the year, Grecco and Rosenfeld withdrew $41,000 and $33,000, respectively, and net income for the year was $104,000. Revenues were $525,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Question Content Area a. Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld. If an amount is zero or a blank, enter in 0. Grecco and RosenfeldStatement of Partnership EquityFor the Year Ended December 31, 20Y4 Lorraine Grecco Carrie Rosenfeld Total Balances, January 1, 20Y4 $fill in the blank d42536f7cfc6fb1_1 $fill in the blank d42536f7cfc6fb1_2 $fill in the blank d42536f7cfc6fb1_3 Additional investment during the year fill in the blank d42536f7cfc6fb1_4 fill in the blank d42536f7cfc6fb1_5 fill in the blank d42536f7cfc6fb1_6 Net income for the year fill in the blank d42536f7cfc6fb1_7 fill in the blank d42536f7cfc6fb1_8 fill in the blank d42536f7cfc6fb1_9 Withdrawals during the year fill in the blank d42536f7cfc6fb1_10 fill in the blank d42536f7cfc6fb1_11 fill in the blank d42536f7cfc6fb1_12 Balances, December 31, 20Y4 $fill in the blank d42536f7cfc6fb1_13 $fill in the blank d42536f7cfc6fb1_14 $fill in the blank d42536f7cfc6fb1_15

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxati On Of Trusts And Estates

Section: Chapter Questions

Problem 18P

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Question Content Area

a. Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank.

blank	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -

Question Content Area

Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank.

blank	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -

Question Content Area

b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld. If an amount is zero or a blank, enter in 0.

Grecco and RosenfeldStatement of Partnership EquityFor the Year Ended December 31, 20Y4

	Lorraine Grecco	Carrie Rosenfeld	Total
Balances, January 1, 20Y4	$fill in the blank d42536f7cfc6fb1_1	$fill in the blank d42536f7cfc6fb1_2	$fill in the blank d42536f7cfc6fb1_3
Additional investment during the year	fill in the blank d42536f7cfc6fb1_4	fill in the blank d42536f7cfc6fb1_5	fill in the blank d42536f7cfc6fb1_6
Net income for the year	fill in the blank d42536f7cfc6fb1_7	fill in the blank d42536f7cfc6fb1_8	fill in the blank d42536f7cfc6fb1_9
Withdrawals during the year	fill in the blank d42536f7cfc6fb1_10	fill in the blank d42536f7cfc6fb1_11	fill in the blank d42536f7cfc6fb1_12
Balances, December 31, 20Y4	$fill in the blank d42536f7cfc6fb1_13	$fill in the blank d42536f7cfc6fb1_14	$fill in the blank d42536f7cfc6fb1_15

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