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Martinez Skies Co. had beginning capital balances on January 1, 2020, as follows: Patty Sharp $32,800 and Jim O'Connor $20,900. During the year, drawings were
Martinez Skies Co. had beginning capital balances on January 1, 2020, as follows: Patty Sharp $32,800 and Jim O'Connor $20,900. During the year, drawings were Sharp $16,900 and O'Connor $8,600. Net income was $41,500, and the partners share income equally. Prepare the partners' capital statement for the year. (List items that increase partners' capital first.) Beginning Capital Add : Net Income /(Loss) Less V: Drawings Ending Capital LA MARTINEZ SKIES COMPANY Partners' Capital Statement Sharp 32800 1000 LA O'Connor 20900 1000 LA LA Total 53700
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