Question

D. Reed and J. Files started the RF partnership on January 1, 2016. The business acquired $70,000 cash from Reed and $140,000 from Files. During 2016, the partnership earned $75,000 in cash revenues and paid $39,000 for cash expenses. Reed withdrew $2,000 cash from the business, and Files withdrew $4,000 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business.
Required
Prepare an income statement, capital statement, balance sheet, and statement of cash flows for the RF partnership for the 2016 fiscal year.


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  • CreatedApril 20, 2015
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