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On January 1 Allen Ratcliff, Ron Jameson, and Samuel Knecke formed a partnership. The partners partners agree to divide net income (or net losses) according

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On January 1 Allen Ratcliff, Ron Jameson, and Samuel Knecke formed a partnership. The partners partners agree to divide net income (or net losses) according to the percentage of their initial cash investment [Do NOT round the percentages]. The partners agree that during the year they would withdraw the following monthly amounts: Ratcliff, $4,000; Jameson, $5,000; and Knecke, $3,500. At year end, on December 31, the business had revenues of $350,000 and expenses of $178,000. contributed the following in cash: Ratcliff, $22,000; Jameson, $25,000; and Knecke, $18,000. The Using this information create a Statement of Partners' Equity as of December 31. 2.All Things Archery Corporation was incorporated on January 1 for the purpose of becoming the premier distributor of all things archery. The corporate charter authorized the following stock: Common stock, $1 par value; 10,000 shares Preferred stock, 5% noncumulative, $50 par value:1,000 shares The following transactions occurred during the year Things Archery Corporation paid the stockholder $12 per share for the stock, to be held in treasury. January 1- Issued a total of 4,000 shares of $1 par value common stock for cash at $10 per share. February 1- Issued 500 shares of preferred stock for cash at $75 per share. a. b. uly 1 Purchased 200 shares of common stock that had been issued earlier. All Things Archery Corporation paid the stockholder $12 per share for the stock, to be held in treasury September 1-Issued 50 shares of the common treasury stock at $12 per share December 1- The board of directors declared a cash dividend on the preferred stock, payable on December 22, to stockholders of record as of December 1 t. December 22-Paid the cash dividends declared on December 1. Record these transactions in the general journal and prepare the stockholders' equity section of the balance sheet for All Things Archery Corporation as of December 31. Assume the balance in the Retained Earnings after closing entries is $31,50o

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