Southern Skies Co. had beginning capital balances on January 1 2017 as follows: Patty Sharp $30000 and Jim O'Connor $25000. During the year drawings were Sharp $15000 and O'Connor $8000. Net income was $40000 and the partners share income equally.
Instructions
Prepare the partners' capital statement for the year.

Question

Quizplus · Accepted Answer

The Answer of Southern Skies Co. had beginning capital balances on January 1 2017 as follows: Patty Sharp $30000 and Jim O'Connor $25000. During the year drawings were Sharp $15000 and O'Connor $8000. Net income was $40000 and the partners share income equally.
Instructions
Prepare the partners' capital statement for the year.