Below is an alphabetical listing of the accounts in the general ledger of the Kant-Adder accounting firm
Question:
Below is an alphabetical listing of the accounts in the general ledger of the Kant-Adder accounting firm at the partnership's fiscal year end, March 31, 2014. Adjusting entries for the year have been posted and included in these balances.
Additional information:
1. The balance in Kant's capital account includes an additional $5,000 investment during the year.
2. $1,500 of the note payable is due within the next year.
3. Kant and Adder share profit in the ratio of 2:1, respectively.
Instructions
(a) Prepare an income statement, statement of partners' equity, and balance sheet.
(b) Journalize the closing entries.
Taking It Further
Each partner's drawings are larger than their respective capital account balances. Is this a problem?
Accounts payable Accounts receivable Accumulated depreciation-equipment Note payable Rent expense Salaries expense Salaries payable Depreciation expense Supplies expense U. Adder, capital U. Adder, drawings Unearned revenue I. Kant, capital I. Kant, drawings Interest expense
Step by Step Answer:
a KANTADDER PARTNERSHIP Income Statement Year Ended March 31 2014 Fees earned 255000 Expenses Salaries expense 80000 Rent expense 36000 Interest expen...View the full answer
Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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