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On January 1, 2020, Ruben Ho and Clay Bunnecup formed the Ruben and Clay Partnership...

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Accounting

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On January 1, 2020, Ruben Ho and Clay Bunnecup formed the Ruben and Clay Partnership by investing the following assets and liabilities in the business: An independent appraiser was hired to determine the current market values. Ruben and Clay agree to share profits and losses in a 40.60 ratio respectively. During the first year of operations, the business eamed a net income of $47,000. Each partner withdrew $20,000 cash. a). Prepare the journal entries to record the initial investments in the business by Ruben and Clay. b) Prepare a balance sheet dated January 1, 2020, after the completion of the initial journal entries

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