During the first year, the Martin and Steven partnership in SE3 earned an income of $10,000. Assume

Question:

During the first year, the Martin and Steven in SE3 earned an income of $10,000. Assume the partners agreed to share income in the ratio of the beginning balances of their capital accounts. How much income should be transferred to each Capital account?
In SE3
Martin contributes cash of $24,000, and Steven contributes office equipment that cost $20,000 but is valued at $16,000 to the formation of a new Prepare the journal entry to form the 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...