wk 4 chp 8 - Chapter 8 Templates PROBLEM 8-18 a Sole...

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Unformatted text preview: Chapter 8 Templates PROBLEM 8-18 a. Sole Proprietorship Upton Company Financial Statements For the Year Ended December 31, 2011 Income Statement Cash revenues 120,000 Cash expenses 82,000 38,000 Capital Statement Beginning Cash investment 160,000 Net income 38,000 Cash distribution s -15,000 Balance 183,000 PROBLEM 8-18 a. (cont.) Upton Company Financial Statements Balance Sheet As of December 31, 2011 Cash 183,000 Dividends 15,000 198,000 Statement of Cash Flows For the Year Ended December 31, 2011 Cash investment 160,000 Cash revenue 120,000 Cash expense-82,000 Cash distributions-15,000 83,000 PROBLEM 8-18 (cont.) b. Partnership Upton Company Financial Statements For the Year Ended December 31, 2011 Income Statement Cash revenue 120,000 Expenses 82,000 Balance 38,000 Capital Statement Beginning Cash investment 160,000 Net income 38,000 Withdrawal by owners 15,000 Balance 183,000 * template forgot to have “Capital Statement” in black highlight area (I...
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This note was uploaded on 09/26/2010 for the course BUSINESS acc 201 taught by Professor Errico during the Spring '10 term at Ashford University.

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wk 4 chp 8 - Chapter 8 Templates PROBLEM 8-18 a Sole...

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