Question: Preparing a distribution of net income statement and owners' equity statement (unequal distribution of net loss; additional investment)
Kaye Skousen and Timothy Tripp are partners in a merchandising business, Jewelry Joint. 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
![1319_Partner.png](https://secure.tutorsglobe.com/CMSImages/1319_Partner.png)
Instructions: 1. On December 31, the partnership had a net loss of $32,340.00. Prepare a distribution of net income statement for the partnership.
2. Prepare an owners' equity statement for Jewelry Joint. Additional investments made during the year: Kaye Skousen, $11,000.00; Timothy Tripp, $9,500.00