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# Preparing an Income Statement and Balance Sheet for a Partnership Joy Webster and Diana

ISBN: 9780078688294 416

## Solution for problem 28-4 Chapter 28

Accounting: First Year Course | 1st Edition

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Problem 28-4

Preparing an Income Statement and Balance Sheet for a Partnership Joy Webster and Diana Ruiz have been in business since the beginning of the year. Now at the end of the year, they would like to know how the partnership has done in its first year of operation. Joy and Diana stated in the partnership agreement that they will share profits equally. The net income for the year was $5,780. The January 1 capital balances for both partners were$0. Joy invested $6,000 cash in the partnership throughout the year and withdrew$1,800. Diana invested $5,500 cash in the partner ship and withdrew$1,200. 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 for the partnership. Identify

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##### ISBN: 9780078688294

Accounting: First Year Course was written by and is associated to the ISBN: 9780078688294. The full step-by-step solution to problem: 28-4 from chapter: 28 was answered by , our top Business solution expert on 03/14/18, 05:31PM. The answer to “Preparing an Income Statement and Balance Sheet for a Partnership Joy Webster and Diana Ruiz have been in business since the beginning of the year. Now at the end of the year, they would like to know how the partnership has done in its first year of operation. Joy and Diana stated in the partnership agreement that they will share profits equally. The net income for the year was $5,780. The January 1 capital balances for both partners were$0. Joy invested $6,000 cash in the partnership throughout the year and withdrew$1,800. Diana invested $5,500 cash in the partner ship and withdrew$1,200. 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 for the partnership. Identify” is broken down into a number of easy to follow steps, and 133 words. This full solution covers the following key subjects: . This expansive textbook survival guide covers 29 chapters, and 429 solutions. Since the solution to 28-4 from 28 chapter was answered, more than 240 students have viewed the full step-by-step answer. This textbook survival guide was created for the textbook: Accounting: First Year Course, edition: 1.

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