You are given the following data for the partnership of B. White and C. Green. B....

  

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You are given the following data for the partnership of B. White and C. Green. B. White and C. Green Partnership Trial Balance December 31, 2018 Debit Credit Cash $ 41,000 Accounts receivable 68,400 Merchandize inventory Accounts payable B. White, capital B. White, withdrawals C. Green, capital C. Green, withdrawals 27,000 $ 45,800 30,000 7,000 20,000 5,000 Sales 322,000 Cost of goods sold Rent expense Advertizing expense Delivery expense Office expense Utilities expense 160,500 36,000 27,200 9,600 12,800 23,300 Totals $417,800 $417,800 Each partner contributed $10,000 capital during the year; the opening credit balance in each capital account was White $20,000 and Green $10,000. The partners share profits and losses equally. Required: 1. Prepare an income statement for the year. 2. Prepare a statement of partners capital for the year in the following format: Statement of Partners Capital For the Year Ended December 31, 2018 White Green Total Balance at Jan. 1, 2018 Contributions Net income Withdrawals Balance at Dec. 31, 2018 S 3. Prepare a statement of financial position at December 31, 2018. 4. Prepare closing entries at year-end. %24 %24 You are given the following data for the partnership of B. White and C. Green. B. White and C. Green Partnership Trial Balance December 31, 2018 Debit Credit Cash $ 41,000 Accounts receivable 68,400 Merchandize inventory Accounts payable B. White, capital B. White, withdrawals C. Green, capital C. Green, withdrawals 27,000 $ 45,800 30,000 7,000 20,000 5,000 Sales 322,000 Cost of goods sold Rent expense Advertizing expense Delivery expense Office expense Utilities expense 160,500 36,000 27,200 9,600 12,800 23,300 Totals $417,800 $417,800 Each partner contributed $10,000 capital during the year; the opening credit balance in each capital account was White $20,000 and Green $10,000. The partners share profits and losses equally. Required: 1. Prepare an income statement for the year. 2. Prepare a statement of partners capital for the year in the following format: Statement of Partners Capital For the Year Ended December 31, 2018 White Green Total Balance at Jan. 1, 2018 Contributions Net income Withdrawals Balance at Dec. 31, 2018 S 3. Prepare a statement of financial position at December 31, 2018. 4. Prepare closing entries at year-end. %24 %24

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Year Ending Adjustment Enbues of A 18C Gnedi Amoune Debilb Pantaulaxs Amount Dale Salarves Ale ... View the full answer