Prepare the partnership''s income statement, Financial Accounting

The partnership of Lewis and Clark had these balances at April 30, 2008:

Cash........$28,000
Liabilities........56,000
Clark Capital...14,000
Other Assets...84,000

Service Revenue....$196,000
Lewis, Capital....42,000
Total Expenses.....49,000

Lewis gets 70% of profits and losses, and clark gets 30%. Prepare the partnership's income statement for hte year ended April 30, 2008.

Please help and explain :]

 

Posted Date: 2/19/2014 12:30:24 AM | Location : United States







Related Discussions:- Prepare the partnership''s income statement, Assignment Help, Ask Question on Prepare the partnership''s income statement, Get Answer, Expert's Help, Prepare the partnership''s income statement Discussions

Write discussion on Prepare the partnership''s income statement
Your posts are moderated
Related Questions
It is the month of april for rand company a producer of gold and silver commemorative medallions. Rand company has one job, job A a special minting of 1000 gold medallions which st

Should Touring Enterprises consider liabilities as a part of its permanent financing? Why or why not?n #Minimum 100 words accepted#

Cleaning Co. began business on March 1, 2011. The company provides specialized cleaning services to corporate clients. Listed below are the transactions entered into by Cleaning Co

AsIDENTIFY THE MAIN PROVISIONS OF THE PARTNERSHIP ACT k question #Minimum 100 words accepted#

Ademption If property which has been specifically bequeathed does not belong to the testator at the time of his death, or has been converted into property of a different kind,

Equation illustrates the relationship in between PVA n , A, K and n. So manipulating this a bit: We find that A = PVA n [(k (1 + k) n )/((1 +k) n - 1)] [(k (1 + k) n )/(

The following items represent liabilities on a firm's balance sheet: a. An amount of money owed to a supplier based on the terms 2/20, n/40, for which no note was executed. b. An a

Fixed Interest Securities No advice in writing is required before an investment in fixed interest securities is made. Government Securities. Treasury Bills. Fixed

Calculat capital expenditure, How to define Capital expenditure This is kind of expenditure on fixed assets like as plant or equipment, the cost of which is spread over several

Financial Accounting An accounting technique that records, interprets, and reports the historical cost transaction of an organization. An organization records these transaction