Question: Katy Sneed and Rane Ellis started the S&E partnership on January 1, 2013. The business acquired $27,000 cash from Sneed and $63,000 from Ellis. During

Katy Sneed and Rane Ellis started the S&E on January 1, 2013. The business acquired $27,000 cash from Sneed and $63,000 from Ellis. During 2013, the earned $36,000 in cash revenues and paid $17,500 for cash expenses. Sneed withdrew $1,000 cash from the business, and Ellis withdrew $2,000 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business.

Required
Prepare an income statement, capital statement, balance sheet, and statement of cash flows for S&E’s 2013 fiscal year.

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Transactions Cash Contributions K Sneed 27000 30 R Ellis 63000 70 Total 90000 100 Revenues 36000 Exp... View full answer

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