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Prepare a Statement of Partners Equity

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Reference no: EM132700577

Question -

1. January 1, 2017 - A. Rodgers and T. Brady decide to start up a partnership. Rodgers brings in $10,000 cash and equipment with a fair market value of $37,000. Brady brings $60,000 in cash, but he is also bringing $6,000 in accounts payable from his old business. They agree to an income ratio of 5:4.

Required: Show the entry to establish the partnership.

2. December 31, 2017 - The business recorded a net income of $27,000, and Rodgers had a debit balance of $16,000 in his drawings account.

a. Show the entry to allocate the net income to the partners' capital accounts using the income ratio.

b. Prepare a Statement of Partners' Equity for 2017.

Reference no: EM132700577

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