For National Co., beginning capital balances on January 1, 2019, are Nancy Payne $20,000 and Ann Dody $18,000

For National Co., beginning capital balances on January 1, 2020, are Nancy Payne $20,000 and Ann Dody $18,000. During the year, drawings were Payne $8,000 and Dody $5,000. Net income was $40,000, and the partners share income equally.

Instructions

Prepare the partners capital statement for the year.
Prepare the owners equity section of the balance sheet at December 31, 2020.

Solution

Problems: Accounting for Partnerships

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Problem-02: Accounting for Partnerships

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Problem-03: Accounting for Partnerships

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Problem-04: Accounting for Partnerships

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Problem-05: Accounting for Partnerships

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Problem-06: Accounting for Partnerships

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Problem-07: Accounting for Partnerships

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Problem-08: Accounting for Partnerships

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Problem-09: Accounting for Partnerships

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Problem-10: Accounting for Partnerships

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Problem-11: Accounting for Partnerships

For National Co., beginning capital balances on January 1, 2020, are Nancy Payne $20,000 and Ann Dod...

Problem-12: Accounting for Partnerships

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Problem-13: Accounting for Partnerships

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Problem-14: Accounting for Partnerships

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Problem-15: Accounting for Partnerships

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Problem-16: Accounting for Partnerships

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Problem-17: Accounting for Partnerships

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Problem-18: Accounting for Partnerships

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Problem-19: Accounting for Partnerships

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Problem-20: Accounting for Partnerships

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Accounting for Partnerships

Problem-11: Accounting for Partnerships

Instructions

Solution

Problems: Accounting for Partnerships

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