Effect of accounting events on the financial statements of a partnership
Claire Mills and Polly Price started the M&P partnership on January 1, 2011. The business acquired $24,500 cash from Mills and $45,500 from Price. During 2011, the partnership earned $15,000 in cash revenues and paid $6,300 for cash expenses. Mills withdrew $600 cash from the business, and Price withdrew $1,400 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 M&Ws 2011 fiscal year.
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