Copperfield Developments is a partnership owned by Alvaro Rodriguez and Elisabetta Carrieri. On December 31, 2016, the

Question:

Copperfield Developments is a partnership owned by Alvaro Rodriguez and Elisabetta Carrieri. On December 31, 2016, the partners' capital balances are Rodriguez $67,140 and Carrieri $78,140. During 2017, Carrieri invested $3,540 cash into the partnership, drawings were $36,010 by Rodriguez and $58,940 by Carrieri, and profit was $77,230. Rodriguez and Carrieri share profit based on a 3:4 ratio.

Instructions

(a) Prepare the statement of partners' equity for the year.

(b) Prepare the partners' equity section of the balance sheet at year end.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...