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  1. business
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  3. prepare a statement of partner's equity for year

prepare a statement of partner's equity for year Veda Clark...

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Accounting

prepare a statement of partner's equity for year image
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Veda Clark and Gordon Lewi have a partnership agreement with the following provisions for sharing profit or loss: 1 A salary allowance of $34,600 to Clark and $44,500 to Lewi 2. An interest allowance of 5% on capital balances at the beginning of the vear 3. The remainder to be divided between Clark and Lew on a 2:3 basis The capital balances on January 1, 2024, for Clark and Lew were $91,800 and $113,100, respectlvely. Foc the year ended December 31, 2024, the Clark Lewi Partnership had sales of $380,800; cost of goods sold of 5280,000 , operating expenises of $1.45,600, V: Clark drawings of $26,820; and G. Lewi drawings of $32.256. Prepare astatement of partners' equity for the year

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