Solution-Prepare an income statement and capital statement

Prepare an income statement and capital statement

Reference no: EM13915573

Katy Sneed and Rane Ellis started the S&E partnership on January 1, 2013. The business acquired $27,000 cash from Sneed and $63,000 from Ellis. During 2013, the partnership earned $36,000 in cash revenues and paid $17,500 for cash expenses. Sneed withdrew $1,000 cash fromÂ the business, and Ellis withdrew $2,000 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business.

Required:

Prepare an income statement, capital statement, balance sheet, and statement of cash flows for S&E's 2013 fiscal year.

Reference no: EM13915573

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Prepare an income statement and capital statement

Reference no: EM13915573

Reference no: EM13915573

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