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Question: Khalid and Hashem are co-partners in the Alexandria Company. According to the partnership agreement the division of net income is 60%: 40% respectively
Capital balances on January 1, 2019 were Khalid $70,000, and Hashem $50,000.
The net income for 2019 is $40,000.
Drawings during the year were Khalid $4,000, and Hashem $5,000.
Required: (a) Journalize the allocation of net income.
(b) Prepare the equity statement.
Prepare the appropriate journal entry to record any 2013 gain or loss. (Ignore income taxes.) If Open Arms prepares its financial statements according to U.S. GAAP, how will the company report the gain or loss?
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