accounting 2100

Project Description:

upton co. was started on 1-1-2011, when the owners invested $160,000 cash in the business. during 2011, the company earned cash revenues of 120,000 and incurred cash expenses of $82,000. the company also paid cash distributions of $15,000.

prepare a 2011 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows using each of the following assumptions. (consider each assumption seperately).

a. upton is a sole proprietorship owned by j. upton.
b. upton is a partnership with 2 partners, dan and nancy upton. dan invested $100,000 and nancy invested $60,000 of the $160,000 cash that was used to start the business. the partnership agreement called for nancy to receive 60% of the profits and dan the remaining 40%. with regard to the $15,000 distribution, nancy withdrew $6,000 from the business and dan withdrew $9,000.
c. upton is a corporation. the owners were issued 10,000 shares of $10 par common stock when they invested the $160,000 cash in the business.
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Price Type: Negotiable

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