Sarah Saxon and Jane Rolf are partners in a business called J & S Service. The partnership's work sheet for the year ended December 31 of the current year is provided in the Working Papers. 

Instructions: 

1. Prepare an income statement. Calculate and record the component percentage for total operating expenses and net income. Round percentage computations to the nearest 0.1%. 

2. Prepare a distribution of net income statement. Each partner is to receive 10% interest on January 1 equity. The January 1 equity is Sarah, \($15,000.00\) and Jane, \($12,000.00.\) Also, partners' salaries are Sarah, \($10,000.00\) and Jane, \($15,000.00.\) The partners share remaining net income, net loss, or deficit equally. 

3. Prepare an owners' equity statement. 

4. Prepare a balance sheet. 5. Journalize the adjusting entries using page 12 of a general journal. 6. Journalize the closing entries on the same general journal page.