The partnership of Je-hong and Barton had these balances at September 30, 2020: Je-hong gets 60 percent

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The partnership of Je-hong and Barton had these balances at September 30, 2020:

Je-hong gets 60 percent of profits and losses, and Barton gets 40 percent. Prepare the partnership’s income statement and ending Capital balances for the year ended September 30, 2020.

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Horngrens Accounting

ISBN: 9780135359785

11th Canadian Edition Volume 2

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood

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Question Posted: Aug 06, 2021 01:14 AM

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The partnership of Je-hong and Barton had these balances at September 30, 2020: Je-hong gets 60 percent

Question:

$ 20,000 40,000 Cash. . Service Revenue Je-hong, Capital. Total expenses... $145,000 30,000 85,000 Liabilities. Barton, Capital. Other assets.... 10,000 120,000

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ANSWER To prepare the income statement for the partnership of Jehong and Barton for the year ended September 30 2020 we first need to determine the pa...View the full answer

Horngrens Accounting

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