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For Daylight Co., beginning capital balances on January 1, 2017, are Karl Heese $40,000 and Dev Flores $15,000. During the year, drawings were Heese $10,000
For Daylight Co., beginning capital balances on January 1, 2017, are Karl Heese $40,000 and Dev Flores $15,000. During the year, drawings were Heese $10,000 and Flores $6,000. Net income was $36,000, and the partners share income equally. Instructions (a) Prepare the partners capital statement for the year. (b) Prepare the owners equity section of the balance sheet at December 31, 2017.
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