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Dr. J. Johnson and Dr. S. Jone have been operating a dental practice as a partnership for several years. The fixed profit and loss ratio
Dr. J. Johnson and Dr. S. Jone have been operating a dental practice as a partnership for several years. The fixed profit and loss ratio is 60% for Dr. Johnson and 40% for Dr. Jone. The dental practice had the following general ledger account balances at November 30 , 2024, its fiscal year end: Accumulated depreciation-equipment 37,010 Accounts payable 14,020 Notes payable, due 2025 50,000 J. Johnson, capital 52,680 J. Johnson, drawings 126,790 S. Jone, capital 29,460 S. Jone, drawings 83.930 Service revenue 379,460 Salaries expense 71,520 Office expense 74.640 Interest expense 3,650 Prepare the income statement for the partnership. $ $ $ Prepare the statement of partners' equity for the partnership. (List items that increase partner's equity first.) Prepare the statement of partners' equity for the partnership. (List items that increase portner's equity first.) Prepare the balance sheet for the partnership. (List Current Assets in order of liquidity). $ Liabilities and Partners' Equity $
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