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The income statement for the Apple-Jack Partnership for the year ended December 31,205, follows: Additional Information for 205 1. Apple began the year with a
The income statement for the Apple-Jack Partnership for the year ended December 31,205, follows: Additional Information for 205 1. Apple began the year with a capital balance of $48,600. 2. Jack began the year with a capital balance of $118,000. 3. On April 1, Apple invested an additional $23,400 into the partnership. 4. On August 1, Jack invested an additional $21,000 into the partnership. 5. Throughout 205, each partner withdrew $600 per week in anticipation of partnership net income. The partners agreed that these withdrawals are not to be included in the computation of average capital balances for purposes of income distributions. Apple and Jack have agreed to distribute partnership net income according to the following plan: Prepare the statement of partners' capital at December 31,205. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign. The income statement for the Apple-Jack Partnership for the year ended December 31,205, follows: Additional Information for 205 1. Apple began the year with a capital balance of $48,600. 2. Jack began the year with a capital balance of $118,000. 3. On April 1, Apple invested an additional $23,400 into the partnership. 4. On August 1, Jack invested an additional $21,000 into the partnership. 5. Throughout 205, each partner withdrew $600 per week in anticipation of partnership net income. The partners agreed that these withdrawals are not to be included in the computation of average capital balances for purposes of income distributions. Apple and Jack have agreed to distribute partnership net income according to the following plan: Prepare the statement of partners' capital at December 31,205. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign
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