Partnership Accounting} Michelle Maw and Marc Joness, partners, opened a new consulting business starting January 1, 2018.

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Partnership Accounting}

Michelle Maw and Marc Joness, partners, opened a new consulting business starting January 1, 2018. Profit for the year ended December 31, 2018, was \(\$ 60,000\). Michelle and Marc share profit on a \(60 \%\) and \(40 \%\) basis, respectively. During 2018, Michelle's drawings were \(\$ 40,000\) and Marc's drawings were \(\$ 30,000\).

\section*{Required:}

Prepare a statement of partners' equity for the year ended December 31, 2018.

\section*{Case

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Cornerstones Of Financial Accounting

ISBN: 9780176707125

2nd Canadian Edition

Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone

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