Question: Janet Kelly and Paul Sharp are partners in a merchandising business, Kelly Appliances. Forms for completing this problem are given in the Working Papers. The following information was taken from the records on December 31 of the current year.
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Instructions: 1. On December 31, the partnership had a net income of $83,260.00. Prepare a distribution of net income statement for the partnership.
2. Prepare an owners' equity statement for Kelly Appliances. No additional investments were made.