Solved: Lewis gets 70 of profits and losses and clark gets 30, Accounting Basics

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Lewis gets 70 of profits and losses and clark gets 30

Question - The partnership of Lewis and Clark had these balances at April 30, 2008:

Cash - $28,000

Liabilities - 56,000

Clark Capital - 14,000

Other Assests - 84,000

Service Revenue - $196,000

Lewis, Capital - 42,000

Total Expenses - 49,000

Lewis gets 70% of profits and losses, and clark gets 30%. Prepare the partnership's income statement for the year ended April 30, 2008. Please help and explain.

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Accounting Basics: Lewis gets 70 of profits and losses and clark gets 30

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Accounting Basics: Lewis gets 70 of profits and losses and clark gets 30

Reference No:- TGS02799530

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