Green Solutions is a partnership owned by F. Sabac and S. Hilton. At January 1, 2014 the partner's capital accounts were: F. Sabac, $16,500 and S. Hilton $12,300. During 2014, Hilton contributed to the business equipment with a fair value of $5,600. Each partner withdrew $50,000 during the year and profit was $141,900. The partners share profit on a 2:1 ratio (Sabac:Hilton).
Instructions
a. Prepare the statement of partners' equity for the year ended December 31, 2014.
b. Prepare a partial balance sheet, showing the partners' equity section.

Question

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The Answer of Green Solutions is a partnership owned by F. Sabac and S. Hilton. At January 1, 2014 the partner's capital accounts were: F. Sabac, $16,500 and S. Hilton $12,300. During 2014, Hilton contributed to the business equipment with a fair value of $5,600. Each partner withdrew $50,000 during the year and profit was $141,900. The partners share profit on a 2:1 ratio (Sabac:Hilton).
Instructions
a. Prepare the statement of partners' equity for the year ended December 31, 2014.
b. Prepare a partial balance sheet, showing the partners' equity section.

Green Solutions Is a Partnership Owned by F