The partnership of Williams and LaBlanc had these balances at April 30, 2012:

Williams gets 70% of profits and losses, and LaBlanc 30%.
Requirement
1. Prepare the partnership€™s income statement for the year ended April 30,2012.

Transcribed Image Text:

Cash Liabilities Williams, capital Other assets $24,000 Service revenue 42,000 LaBlanc, capital 15,000 Total expenses $150,000 26,000 81,000 59,000