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December 31, 2018 - The business recorded a net income of $30,000. Rodgers had drawings of $20,000 and Brady had drawings of $4,000.
Required:
Problem a. Show the entry to allocate the net income to the partners' capital accounts
Problem b. Prepare a Statement of Partners' Equity for 2018.
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Implement one of the subsequent accounting information system processes:
What would be reported for ending Merchandise Inventory on the balance sheet at December? 31, 2018 if the perpetual inventory system
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