Problem

Preparing partnership financial statementsThe partnership of Williams and LaBlanc had thes...

Preparing partnership financial statements

The partnership of Williams and LaBlanc had these balances at April 30, 2012:

Williams gets 70% of profits and losses, and LaBlanc 30%.

Requirement

1. Prepare the partnership’s income statement for the year ended April 30, 2012.

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Solutions For Problems in Chapter P

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