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.