Business, 31.03.2021 01:00 ayoismeisalex

Emily and Kelly formed the EK Partnership to sell athletic apparel on January 1, year 1. The business acquired $140,000 cash from Emily and $60,000 cash from Kelly. During
year 1, the EK Partnership earned $124,000 in cash revenues and paid $34,000 in cash
expenses. Emily withdrew $7,000 from the business and Kelly withdrew $3,000. The
net income was allocated to the capital accounts of the partners in proportion to the
amounts of their original investment.
Prepare a capital statement for the EK Partnership. What are the year-end balances in
the each partner's capital account?

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Emily and Kelly formed the EK Partnership to sell athletic apparel on January 1, year 1. The busine...

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