Net income was 50000 and the partners share income equally., Ask an Expert

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Debauge Co. had beginning capital balances on January 1, 2008, as follows: Nick Foley $30,000 and Tom Wenger $25,000. During the year, drawings were Foley $15,000 and Wenger $8,000. Net income was $50,000, and the partners share income equally. Prepare the partners' capital statement for the year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M979359

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