Unformatted text preview: statement for Kingslee Company is shown below. It is based on the division of $22,000 of net income in Illustration H-5. The statement includes assumed data for the additional investment and drawings. The partners’ capital statement is prepared from the income statement and the partners’ capital and drawing accounts. The balance sheet for a partnership is the same as for a corporation except for the owner’s equity section. In a partnership, the capital balances of each partner are shown in the balance sheet....
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This note was uploaded on 11/08/2011 for the course ACCOUNTING ac 201 taught by Professor - during the Spring '11 term at Montgomery.
- Spring '11
- Income Statement