E B LO
Allocation of net income:
Nolan, $
Capital: Nolan, $
PARTIAL FINANCIAL STATEMENTS Randy Nolan and Jill Brenton formed a
partnership on May Nolan contributed $ and Brenton contributed
$ During the year, Nolan contributed an additional $ The partnership
agreement states that Nolan is to receive $ and Brenton is to receive $
as a salary allowance. Any remaining net income is to be divided as follows: Nolan,
and Brenton, The partnership earned net income of $ for the fis
cal year ending April During the first year of operation, Nolan and Brenton
withdrew $ and $ respectively.
Prepare the lower portion of the income statement showing the allocation of net
income between Nolan and Brenton for the fiscal year ended April
Prepare a statement of partners' equity, showing each individual partner's
equity for the fiscal year ended April
