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Prepare the partners capital statement for the year

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Reference no: EM131131879

For Starrite Co., beginning capital balances on January 1, 2010, are Gary Stark $20,000 and Jim Nyland $18,000. During the year, drawings were Stark $8,000 and Nyland $5,000. Net income was $30,000, and the partners share income equally.

Instructions

(a) Prepare the partners' capital statement for the year.

(b) Prepare the owners' equity section of the balance sheet at December 31, 2010. 

Reference no: EM131131879

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