The partnership of Bosch and Cutler had these balances at September 30, 2014: Cash.......................................... $ 20,000 Service
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Cash.......................................... $ 20,000
Service Revenue...................... $145,000
Liabilities..................................... 40,000
Bosch, Capital............................. 30,000
Cutler, Capital............................. 10,000
Total expenses............................. 85,000
Other assets............................... 120,000
Bosch gets 60 percent of profits and losses, and Cutler 40 percent. Prepare the partnership's income statement and ending Capital balances for the year ended September 30, 2014.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Related Book For 
Accounting
ISBN: 978-0132690089
9th Canadian Edition volume 2
Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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