The partnership of Lewis and Clark had these balances at April 30, 2008:
Cash........$28,000
Liabilities........56,000
Clark Capital...14,000
Other Assets...84,000
Service Revenue....$196,000
Lewis, Capital....42,000
Total Expenses.....49,000
Lewis gets 70% of profits and losses, and clark gets 30%. Prepare the partnership's income statement for hte year ended April 30, 2008.
Please help and explain :]