The ledger of Amid Moshref and Alex Weekley, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 2010:
The balance in Weekley?s capital account includes an additional investment of $20,000 made on April 5, 2010.
1. Prepare an income statement for the current fiscal year, indicating the division of net income. The articles of partnership provide for salary allowances of $60,000 to Moshref and $75,000 to Weekley, allowances of 12% on each partner?s capital balance at the beginning of the fiscal year, and equal division of the remaining net income or net loss.
2. Prepare a statement of partners? equity for 2010.
3. Prepare a balance sheet as of the end of2010.
This question was answered on: Jul 11, 2017
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