Sarp and townson had capital balances of 60000 and 120000

Assignment Help Accounting Basics

Reference no: EM13566989

Sharp and Townson had capital balances of $60,000 and $120,000 respectively on January 1 of the current year. On May 8, Sharp invested an additional $10,000 in the partnership. During the year, Sharp and Townson withdrew $25,000 and $45,000 respectively. After closing all expense and revenue accounts at the end of the year, Income Summary has a credit balance of $90,000, that Sharp and Townson have agreed to split on a 2:1 basis, respectively. (a) Journalize the entries to close the income summary account and the drawing accounts. (b) Prepare the statement of owner's equity for the current year.

Reference no: EM13566989

Questions Cloud

Outline descartes ontological argument for the existence of : each essay is between 250-400 words. extensive quotes do not count toward this. if you cannot answer a question in

Prepare a direct materials budget for geico compound by : crydon inc. manufactures an advanced swim fin for scuba divers. management is now preparing detailed budgets for the

The second is a preferred stock 100 par value that sells : the second is a preferred stock 100 par value that sells for 80 and pays an annual dividend of 12 and your required

Eectricity costs are 1200 per month plus 08 per car : auto lavage is a canadian company that owns and operates a large automatic carwash facility near quebec. the following

Sarp and townson had capital balances of 60000 and 120000 : sharp and townson had capital balances of 60000 and 120000 respectively on january 1 of the current year. on may 8

Rick thomas corp just issued a dividend of 240 per share on : rick thomas corp. just issued a dividend of 2.40 per share on its common stock. the company is expected to maintain a

Prepare a report showing gelato supremo revenue and : flexible budgets and revenue and spending variances lo1 lo2gelato supremo is a popular neighborhood gelato shop. the

Aaron and kim form a partnership by combining the assets of : aaron and kim form a partnership by combining the assets of their separate businesses. aaron contributes accounts

Preferred stock xyz corporation issued at par for 50 per : preferred stock xyz corporation issued at par for 50 per share. if stockholders are promised an 8 annual dividend what

User Account

All Pages