Question: Preparing a distribution of net income statement and owners' equity statement (unequal distribution of net loss; additional investment)
Kaye Skousen and Timothy Tripp are partners in a merchandising business, Jewelry Joint. Forms for completing this problem are given in the Working Papers. The following information was taken from the records on December 31 of the current year
Instructions: 1. On December 31, the partnership had a net loss of $32,340.00. Prepare a distribution of net income statement for the partnership.
2. Prepare an owners' equity statement for Jewelry Joint. Additional investments made during the year: Kaye Skousen, $11,000.00; Timothy Tripp, $9,500.00