You are given the following data for the partnership of B. White and C. Green.
Each partner contributed $10,000 capital during the year; the opening credit balance in each capital account was White $20,000 and Green $10,000. The partners share profits and losses equally.
|
Required: |
|
|
1. |
Prepare an income statement for the year. |
|
2. |
Prepare a statement of partners’ capital for the year in the following format: |
|
3. |
Prepare a balance sheet at December 31, 2016. |
|
4. |
Prepare closing entries at year-end. |
- 1111 reads
