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Mary Wilson and Patrick Clark began a partnership several years ago called the gift consultant....

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Accounting

  1. Mary Wilson and Patrick Clark began a partnership several years ago called the gift consultant. Adjusted trial balance information for the year ended September 30,2014, appears below:

Account Balance

Account Balance

Account payable $18000

Account Receivable $47000

Accumulated depreciation, office furniture $6000

Accumulated depreciation, vehicles 21000

Allowance for doubtful account 3000

Cash 34000

Mary , capital 46000

Mary, withdrawal 50000

Consulting Revenue 214000

Expenses $94000

Note payable due March 2017 $25000

Office furniture 33000

Prepaid Rent 12000

Patrick, capital 85000

Patrick, withdrawals 75000

Unearned fees 7000

Vehicles 68000

Prepare calculations that show how the income should be allocated to the partners assuming the partnership agreement states that the loss/gain are to be shared by allowing an $88000 per year salary allowance to Clark, $18000 allowance per year to Wilson, 15% interest on the beginning of the year balances and the remainder equally. (note Clark invested $12000 during the year)

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