On January 1 Carol Farmer and Jim Romans formed a partnership, Research Consultants. Each partner invested $50,000
Question:
On January 1 Carol Farmer and Jim Romans formed a partnership, Research Consultants. Each partner invested $50,000 in cash on that date. The partnership agreement stated that the partners would share net income or loss equally.
During the year Farmer invested an additional $2,000 and withdrew $7,500 for personal use. Romans invested an additional $1,500 and withdrew $8,500. Net income for the first year was $33,176.
Instructions
In your working papers, prepare a statement of changes in partners’ equity for the year ended December 31.
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A statement of changes in partners equity for the year ended December 31 is as follows i ...View the full answer
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