The Carson-Newman partnership was formed on January 1, 2011, when Rebecca Carson and Steve Newman contributed cash of $80,000 and $120,000, respectively. During 2013, the partnership earned $320,000 in cash revenues and paid $216,000 in cash expenses. Carson withdrew $24,000 cash and Newman withdrew $16,000 cash from the business. Net income was allocated to the partners' capital accounts in proportion to their initial investment in the business.
Required:
Prepare an income statement, capital statement, balance sheet, and statement of cash flows for the partnership for 2013.

Question

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The Answer of The Carson-Newman partnership was formed on January 1, 2011, when Rebecca Carson and Steve Newman contributed cash of $80,000 and $120,000, respectively. During 2013, the partnership earned $320,000 in cash revenues and paid $216,000 in cash expenses. Carson withdrew $24,000 cash and Newman withdrew $16,000 cash from the business. Net income was allocated to the partners' capital accounts in proportion to their initial investment in the business.
Required:
Prepare an income statement, capital statement, balance sheet, and statement of cash flows for the partnership for 2013.

The Carson-Newman Partnership Was Formed on January 1, 2011, When