Reference no: EM133080240
Question - You are given the following data for the partnership of B. White and C. Green.
B. White and C. Green Partnership Trial Balance December 31, 2021
Debit Credit
Cash $41,000
Accounts receivable 68,400 Inventory 27,000
Accounts payable $45,800 B. White, capital 30,000
B. White, withdrawals 7,000 C. Green, capital 20,000
C. Green, withdrawals 5,000 Sales 322,000
Cost of goods sold 160,500 Rent expense 36,000
Advertising expense 27,200 Delivery expense 9,600
Office expense 12,800 Utilities expense 23,300
Total $417,800 $417,800
Each partner contributed $10,000 capital during the year; the opening credit balance in each capital account was White $20,000 and Green $10,000. The partners share profits and losses equally.
Required -
1. Prepare an income statement for the year.
2. Prepare a statement of partners' capital for the year.
3. Prepare a balance sheet at December 31, 2021.
4. Prepare closing entries at year-end.