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Preparing partnership financial statements
The partnership of Williams and Leblanc had these balances at April 30, 2012:
Cash
$24,000
Service revenue
$150,000
Liabilities
42,000
Leblanc, capital
26,000
Williams, capital
15,000
Total expenses
81,000
Other assets
59,000
Williams gets 70% of profits and losses, and Leblanc 30%.
Requirement
1. Prepare the partnership's income statement for the year ended April 30, 2012.
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