Partner Drawings Capital Warning Don\'t show me this message again for the assig
ID: 2459346 • Letter: P
Question
Partner
Drawings
Capital
Warning
Don't show me this message again for the assignment
Ok
Cancel
No.
Account Titles and Explanation
Debit
Credit
1.
2.
3.
Warning
Don't show me this message again for the assignment
Ok
Cancel
Link to Text
DIVISION OF NET INCOME
Art Niensted
Greg Bolen
Krista Sayler
Total
Warning
Don't show me this message again for the assignment
Ok
Cancel
Link to Text
NBS COMPANY
Partners’ Capital Statement
For the Year Ended December 31, 2014
Art Niensted
Greg Bolen
Krista Sayler
Total
Warning
Don't show me this message again for the assignment
Ok
Cancel
Open Show Work
Modify Show Work
At the end of its first year of operations on December 31, 2014, NBS Company’s accounts show the following.Partner
Drawings
Capital
Art Niensted $22,570 $47,530 Greg Bolen 13,630 39,380 Krista Sayler 10,550 24,670The capital balance represents each partner’s initial capital investment. Therefore, net income or net loss for 2014 has not been closed to the partners’ capital accounts.
Warning
Don't show me this message again for the assignment
Ok
Cancel
Explanation / Answer
A. Journal entries
B. Schedule showing distribution of net income under assumption 3.
C. Partner capital statement
Account titles debit credit 1. Net income 28270 Art niensted 16962 Greg bolen 8481 Krista saylor 2827 2. Net income 39720 Art niensted 19760 Greg bolen 15400 Krista saylor 4560 3. Net income 18300 Art niensted 15955 Greg bolen 1908 Krista saylor 437