The following account balances were taken from the books of Alpha Partnership on December 31, 2023. Assume all accounts have normal balances and that the bank loan is being paid back through annual installments of $30,000 principal plus interest on the outstanding balance. Also assume that Sarah contributed an additional $10,000 during the year and that this amount was added to her capital account. Assuming the partners share profit (loss) 50%/50%, how much is the net income shown on the income statement of Alpha Partnership for the year ended December 31, 2023?

Account	Balance
Accounts Payable	$42,000
Accumulated Depreciation	120,000
Advertising Expense	50,000
Sarah, Capital (additional $10,000 included)	60,000
Neda, Capital	75,000
Sarah, Withdrawals	10,000
Neda, Withdrawals	20,000
Bank Loan (5%, due Dec 31, 2025)	230,000
Cash	14,500
Accounts Receivable	55,000
Equipment	471,000
Insurance Expense	45,000
Inventory	34,000
Maintenance Expense	6,500
Rent Expense	59,000
Salaries Expense	258,000
Service Revenue	511,000
Telephone Expense	5,000
Travel Expense	22,000
Unearned Revenue	12,000

 

Prepare a income statement,Statement of partners’ equity,Classified balance sheet.