The Dillard-Hughes Company was started on January 1, 2013 as a partnership. The initial investments from the two partners were $100,000 from Dillard and $60,000 from Hughes. During 2013, Dillard-Hughes Company earned $110,000 in cash revenue, paid $80,000 in cash expenses and the partners withdrew $5,000 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 Dillard-Hughes Company.

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The Answer of The Dillard-Hughes Company was started on January 1, 2013 as a partnership. The initial investments from the two partners were $100,000 from Dillard and $60,000 from Hughes. During 2013, Dillard-Hughes Company earned $110,000 in cash revenue, paid $80,000 in cash expenses and the partners withdrew $5,000 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 Dillard-Hughes Company.

The Dillard-Hughes Company Was Started on January 1, 2013 as a Partnership