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# Preparing the Income Statement and Balance Sheet for a Partnership Information related

ISBN: 9780078688294 416

## Solution for problem 28-1 Chapter 28

Accounting: First Year Course | 1st Edition

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Problem 28-1

Preparing the Income Statement and Balance Sheet for a Partnership Information related to the operations of the Goldman and Jones partnership follows. Instructions In your working papers, prepare the Division of Net Income section of the income statement and the Partners Equity section of the balance sheet. 1. Goldman and Jones share profits in the ratio of 2:3. 2. Net income for the year ended December 31, 20--, was $35,000. 3. The January 1 capital balance for Goldman was$23,000. 4. The January 1 capital balance for Jones was \$47,000.

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