Question: Preparing distribution of net income and owners' equity statements B and B Diving is a partnership owned by Susan and Robert Billings. Information from B and B's worksheet and income statement is given below. Forms for completing these problems are given in the Working Papers. Your instructor will guide you through the following examples.
1. Prepare a distribution of net income statement for B and B Diving. Net income or loss is to be shared equally.
2. Using the balances of the general ledger capital and drawing accounts from the work sheet, prepare an owners' equity statement for B and B Diving. No additional investments were made.