Essay
Juanita Gomez and Brandi Toomey have formed the GT Partnership and have capital balances of $130000 and $100000 respectively on January 1 2017. On June 1 2017 Toomey invested an additional $30000. Also during the year Gomez withdrew $60000 and Toomey withdrew $48000. Sales for the year amounted to $360000 and expenses were $240000. Gomez and Toomey share income and losses on a 3:1 basis.
Instructions
(a) Prepare the closing entries at December 31 2017 for the GT Partnership.
(b) Prepare a partners' capital statement for 2017.
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