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Prepare a statement of partners equity for the year ended

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Question - Mike and Rachel form M&R Partnership. Mike invests $52,000 cash and Rachel invests $72,000 cash. The partners agree to share income as follows: Mike gets a salary allowance of $5,000 per year and Rachel gets a salary allowance of $10,200 per year; both get an annual interest allowance of 10% on their initial investment; and any remaining balance is shared equally. Net income for the year is $42,000. Also, Mike withdrew $2,200 cash from the partnership and Rachel withdrew $3,200. Prepare a statement of partners' equity for the year ended December 31.

Reference no: EM132604390

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