P 122 Refer to P 121. Required: Prepare the equivalent statement of partners capital at December 31, 2019 assuming that the partnership is instead: 1. A proprietorship owned by B. White. (Combine C. Green balances and transactions with those of B. White.) 2. A corporation named BW and CG Ltd. with 100 shares of common stock issued to each of B. White and C. Green for a stated value of $1 per share. Assume opening retained earnings equal $29,800 and that 20,000 shares of common

B. White and C. Green Partnership Trial Balance December 31, 2019 Debit Credit Cash $ 41,000 Accounts receivable 68,400 Merchandise inventory 27,000 Accounts payable $ 45,800 B. White, capital 30,000 B. White, withdrawals 7,000 C. Green, capital 20,000 C. Green, withdrawals 5,000 Sales 322,000 Cost of goods sold 160,500 Rent expense 36,000 Advertising expense 27,200 Delivery expense 9,600 Office expense 12,800 Utilities expense 23,300 Totals $417,800 $417,800 Each partner contributed $10,000 capital during the year; the opening credit balance in each capital account was White $20,000 and Green $10,000. The partners share profits and losses equally. roprietorships and Partnerships First US Edition 549 Required: 1. Prepare an income statement for the year. 2. Prepare a statement of partners' capital for the year in the following format: Statement of Partners' Capital For the Year Ended December 31, 2019 White Total $ Green $ $ Balance at Jan. 1, 2019 Contributions Net income Withdrawals Balance at Dec. 31, 2019 $ B. White and C. Green Partnership Trial Balance December 31, 2019 Debit Credit Cash $ 41,000 Accounts receivable 68,400 Merchandise inventory 27,000 Accounts payable $ 45,800 B. White, capital 30,000 B. White, withdrawals 7,000 C. Green, capital 20,000 C. Green, withdrawals 5,000 Sales 322,000 Cost of goods sold 160,500 Rent expense 36,000 Advertising expense 27,200 Delivery expense 9,600 Office expense 12,800 Utilities expense 23,300 Totals $417,800 $417,800 Each partner contributed $10,000 capital during the year; the opening credit balance in each capital account was White $20,000 and Green $10,000. The partners share profits and losses equally. roprietorships and Partnerships First US Edition 549 Required: 1. Prepare an income statement for the year. 2. Prepare a statement of partners' capital for the year in the following format: Statement of Partners' Capital For the Year Ended December 31, 2019 White Total $ Green $ $ Balance at Jan. 1, 2019 Contributions Net income Withdrawals Balance at Dec. 31, 2019 $