Information related to the operations of the Goldman and Jones partnership follows. Instructions In your working papers,
Question:
Information related to the operations of the Goldman and Jones partnership follows.
Instructions
In your working papers, prepare the Division of Net Income section of the income statement and the Partners’ Equity section of the balance sheet.
1. Goldman and Jones share profits in the ratio of 2:3.
2. Net income for the year ended December 31, 20--, was $35,000.
3. The January 1 capital balance for Goldman was $23,000.
4. The January 1 capital balance for Jones was $47,000.
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