Steward Partnership had the following Balance Sheet:

                       Assets                                         Liabilities & Capital                              

Cash           $1,200                                        Mortgage       $2,000                                
Bldg            $3,800                                                                                                          
Stock               600                                        Capital - A       $2,100                                    
Bonds              600                                        Capital - B        2,100                                    

Total              6,200                                         Total               6,200

Operations during the year - The building is depreciate over 10 years using straight-line depr.  During the year Steward had $120 dividend income and net rental income of $300 (Rental Income of $680 - $380 depr).  The value of the stock increased to $750.  Steward paid $150 of principal towards the loan and made a distribution of $750 to Partner A and the stock to Partner B.

Prepare Steward balance sheet after taking into consideration all of the operations during the year.

Answer rating: 100% (QA)

BALANCE SHEET OF STEWARD PARTNERSHIP LIABILITIES AMOUNT ASSETS AMOUNT Capital A 2100 B 2... View the full answer