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.
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Required: |
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1. |
Prepare an income statement for the year. |
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2. |
Prepare a statement of partners’ capital for the year in the following format: |
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3. |
Prepare a balance sheet at December 31, 2016. |
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4. |
Prepare closing entries at year-end. |
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