Jane Zhou, Ron Higgins and Liz O'Neill are three partners who operate ZHO Consulting, which has a June 30 year end. For the year ended June 30, 2014, the partnership had revenue of $380,000 and operating expenses of $176,000. Information about the partnership accounts is as follows: Instructions
a. Prepare the Statement of Partners' Equity for the year ended June 30, 2014.
b. Prepare a partial balance sheet at June 30, 2014, showing the Partners' Equity section.
c. Prepare closing entries for the June 30, 2014 year end.

Question

Jane Zhou, Ron Higgins and Liz O'Neill are three partners who operate ZHO Consulting, which has a June 30 year end. For the year ended June 30, 2014, the partnership had revenue of $380,000 and operating expenses of $176,000. Information about the partnership accounts is as follows:  Instructions 
a. Prepare the Statement of Partners' Equity for the year ended June 30, 2014.
b. Prepare a partial balance sheet at June 30, 2014, showing the Partners' Equity section.
c. Prepare closing entries for the June 30, 2014 year end.

Quizplus · Accepted Answer

The Answer of Jane Zhou, Ron Higgins and Liz O'Neill are three partners who operate ZHO Consulting, which has a June 30 year end. For the year ended June 30, 2014, the partnership had revenue of $380,000 and operating expenses of $176,000. Information about the partnership accounts is as follows:  Instructions 
a. Prepare the Statement of Partners' Equity for the year ended June 30, 2014.
b. Prepare a partial balance sheet at June 30, 2014, showing the Partners' Equity section.
c. Prepare closing entries for the June 30, 2014 year end.

Jane Zhou, Ron Higgins and Liz O'Neill Are Three Partners