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Business, 13.11.2019 22:31 king6757

Sharp and townson had capital balances of $60,000 and $120,000, respectively, on january 1 of the current year. on may 8, sharp invested an additional $10,000 in the partnership. during the year, sharp and townson withdrew $25,000 and $45,000, respectively. the revenue account at the end of the year had a balance of $600,000, and the expense account had a balance of $510,000. sharp and townson have agreed to split net income on a 2: 1 basis.
a. prepare the statement of partnership equity for the current year. if an amount box does not require an entry, leave it blank.

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Sharp and townson had capital balances of $60,000 and $120,000, respectively, on january 1 of the cu...
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