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Prepare the partners capital statement

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Reference no: EM13531026

In Salton Co., beginning capital balances on January 1, 2012, are Ken Salz $20,000 and Carol Toni $18,000. During the year, drawings were Salz $8,000 and Toni $3,000. Net income was $32,000, and the partners share income equally.

Instructions

(a) Prepare the partners' capital statement for the year.

(b) Prepare the owners' equity section of the balance sheet at December 31, 2012.

Reference no: EM13531026

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