Richard Smooth and Carrie Over hill are partners in the firm of R&C Roofing. They agreed to
Question:
Richard Smooth and Carrie Over hill are partners in the firm of R&C Roofing. They agreed to divide net income or loss on the following basis: Smooth, ¾; Over hill, ¼. The completed work sheet for R&C Roofing for the year ended December 31 appears in your working papers.
Instructions
In your working papers:
1. Prepare an income statement for the partnership.
2. Prepare a statement of changes in partners’ equity.
3. Prepare a balance sheet.
4. Journalize the adjusting and closing entries, beginning on page 27 of the general journal.
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Step by Step Answer:
Solution 1 An income statement for the partnership is as follows i Sales 8200 Cost of sales 5600 Gro...View the full answer
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