Question
In: Accounting
Calculator The capital accounts of Heidi and Moss have balances of $90,000 and $65,000, respectively, on...
Calculator
The capital accounts of Heidi and Moss have balances of $90,000 and $65,000, respectively, on January 1, the beginning of the current fiscal year. On April 10, Heidi invested an additional $8,000. During the year, Heidi and Moss withdrew $40,000 and $32,000, respectively. Revenues were $540,000 and expenses were $420,000 for the year. The articles of partnership make no reference to the division of net income.
Required:
1. Prepare a statement of partners' equity for the partnership of Heidi and Moss. If an amount box does not require an entry, leave it blank. Enter all amounts as positive numbers.
| Heidi and Moss | |||
| Statement of Partners' Equity | |||
| For the Year Ended December 31 | |||
| ACCOUNT NAME | Heidi | Moss | Total |
| $ | $ | $ | |
| $ | $ | $ | |
| $ | $ | $ | |
| $ | $ | $ | |
2. Journalize the entries to:
- Close the revenue and expenses account.
- Close the drawing accounts.
If an amount box does not require an entry, leave it blank.
| a. | |||
| b. | |||
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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