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Prepare Steward balance sheet after taking into consideration all of the operations during the year. Steward Partnership had the following Balance Sheet: Assets Liabilities &
Prepare Steward balance sheet after taking into consideration all of the operations during the year.
Steward Partnership had the following Balance Sheet: Assets Liabilities & Capital Cash $1,200 Mortgage $2,000 $3,800 Bldg Stock 600 $2.100 Capital - A Capital - B Bonds 600 2,100 Total 6.200 Total 6,200 Operations during the year - The building is depreciate over 10 years using straight-line depr. During the year Steward had $120 dividend income and net rental income of $300 (Rental Income of $680 - $380 depr). The value of the stock increased to $750. Steward paid $150 of principal towards the loan and made a distribution of $750 to Partner A and the stock to Partner B. Prepare Steward balance sheet after taking into consideration all of the operations during the yearStep by Step Solution
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