The Harlan-Wells Company was started on January 1, 2012 as a partnership. The initial investments from the two partners were $20,000 each. During 2012, the Harlan-Wells Company earned $30,000 in cash revenue and paid $20,000 in cash expenses and the partners withdrew $1,000 each for their personal use. The partnership agreement calls for equal sharing of net income or loss. Using only the above information, prepare an income statement, a capital statement, and a balance sheet for the Harlan-Wells Company.

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The Answer of The Harlan-Wells Company was started on January 1, 2012 as a partnership. The initial investments from the two partners were $20,000 each. During 2012, the Harlan-Wells Company earned $30,000 in cash revenue and paid $20,000 in cash expenses and the partners withdrew $1,000 each for their personal use. The partnership agreement calls for equal sharing of net income or loss. Using only the above information, prepare an income statement, a capital statement, and a balance sheet for the Harlan-Wells Company.

The Harlan-Wells Company Was Started on January 1, 2012 as a Partnership