Chapter 15, Problem 15.22E

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Tyson Tapestries is an unincorporated partnership formed by Brenda Tyson, Rhonda Lentil, and Constance Cummings. They contributed initial capital of $90,000, $60,000 and $40,000 respectively. During the year Brenda contributed an additional $10,000 and withdraw $16,000 from her capital account. Net income was $144,000 and income is distributed to the partners in the ratio of their capital contributions. Required 1: What is the balance of the equity account of Brenda Tyson in the year end financial statements? $ Required 2: What is the balance of the capital account of Rhonda Lentil in the year end financial statements? $ Required 3: What is the balance of the capital account of Constance Cummings in the year end financial statements? $

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A firm has sales of $800 accounting questions