The partnership of Rummel and Kang, Stonecutters, reported revenues of $133,000 and expenses of $41,000 on the year end work sheet The capital balances as of January 1, 20 , were $41,000 for C Rummel and $25,000 for V Kang No additional investments were made during the year As stated in their partnership agreement, after withdrawing salary allowances of $43,000 for Rummel and $34,000 for Kang, the partners each withdrew their full 10 interest allowances on their January 1 capital balances No additional withdrawals were made Any remaining net income is to be divided on a 60 40 basis Required 1 Prepare the lower portion of the income statement of the partnership for the year ended December 31, 20 , showing the division of the partnership net income for the year 2 Prepare a statement of partners equity for the year ended December 31, 20 , and the partners equity section of the balance sheet on that date 3 Prepare closing entries for the partnership as of December 31, 20 (For simplicity, use the account titles Revenues for all revenues and Expenses for all expenses ) CHART OF ACCOUNTS Rummel and Kang, Stonecutters General Ledger ASSETS 101 Cash 122 Accounts Receivable 122 1 Allowance for Bad Debts 131 Merchandise Inventory 142 Supplies 181 Store Equipment 182 Office Equipment 189 Accumulated Depreciation LIABILITIES 201 Notes Payable 202 Accounts Payable EQUITY 311 C Rummel, Capital 312 C Rummel, Drawing 321 V Kang, Capital 322 V Kang, Drawing 399 Income Summary REVENUE 401 Sales 416 Gain on Sale of Assets EXPENSES 511 Wages Expense 521 Rent Expense 523 Supplies Expense 533 Utilities Expense 535 Insurance Expense 541 Depreciation Expense 549 Miscellaneous Expense 616 Loss on Sale of Assets Amount Descriptions Capital, January 1, 20 Capital, December 31, 20 Interest allowances Net income Net loss Remaining income Salary allowances Total partners equity Withdrawals (salary and interest) Prepare the lower portion of the income statement of the partnership for the year ended December 31, 20 , showing the division of the partnership net income for the year Income Statement Instructions Prepare a statement of partners equity for the year ended December 31, 20 Prepare the partners equity section of the balance sheet on December 31, 20 Prepare closing entries for the partnership as of December 31, 20 (For simplicity, use the account titles Revenues for all revenues and Expenses for all expenses PLEASE FOLOW CHART OF ACCOUNTS Thank you Edit That is the whole exercise and I do not have any more information

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The partnership of Rummel and Kang, Stonecutters, reported revenues of $133,000 and expenses of $41,000 on the year-end work sheet. The capital balances as of

The partnership of Rummel and Kang, Stonecutters, reported revenues of $133,000 and expenses of $41,000 on the year-end work sheet. The capital balances as of January 1, 20--, were $41,000 for C. Rummel and $25,000 for V. Kang. No additional investments were made during the year. As stated in their partnership agreement, after withdrawing salary allowances of $43,000 for Rummel and $34,000 for Kang, the partners each withdrew their full 10% interest allowances on their January 1 capital balances. No additional withdrawals were made. Any remaining net income is to be divided on a 60-40 basis.

Required:

1.	Prepare the lower portion of the income statement of the partnership for the year ended December 31, 20--, showing the division of the partnership net income for the year.
2.	Prepare a statement of partners equity for the year ended December 31, 20--, and the partners equity section of the balance sheet on that date.
3.	Prepare closing entries for the partnership as of December 31, 20--. (For simplicity, use the account titles Revenues for all revenues and Expenses for all expenses.)

CHART OF ACCOUNTS

Rummel and Kang, Stonecutters

General Ledger

	ASSETS
101	Cash
122	Accounts Receivable
122.1	Allowance for Bad Debts
131	Merchandise Inventory
142	Supplies
181	Store Equipment
182	Office Equipment
189	Accumulated Depreciation

	LIABILITIES
201	Notes Payable
202	Accounts Payable

	EQUITY
311	C. Rummel, Capital
312	C. Rummel, Drawing
321	V. Kang, Capital
322	V. Kang, Drawing
399	Income Summary

	REVENUE
401	Sales
416	Gain on Sale of Assets

	EXPENSES
511	Wages Expense
521	Rent Expense
523	Supplies Expense
533	Utilities Expense
535	Insurance Expense
541	Depreciation Expense
549	Miscellaneous Expense
616	Loss on Sale of Assets

Amount Descriptions
Capital, January 1, 20--
Capital, December 31, 20--
Interest allowances
Net income
Net loss
Remaining income
Salary allowances
Total partners equity
Withdrawals (salary and interest)

Prepare the lower portion of the income statement of the partnership for the year ended December 31, 20--, showing the division of the partnership net income for the year.

Income Statement Instructions.

Prepare a statement of partners equity for the year ended December 31, 20--.

Prepare the partners equity section of the balance sheet on December 31, 20--.

Prepare closing entries for the partnership as of December 31, 20--. (For simplicity, use the account titles Revenues for all revenues and Expenses for all expenses.

PLEASE FOLOW CHART OF ACCOUNTS.

Thank you!

Edit:

That is the whole exercise and I do not have any more information.