Question

For Ivanhoe Co., beginning capital balances on January 1, 2020, are Nancy Payne $23,800 and Ann Dody $22,200. During the year, drawings were Payne $8,200 and Dody $4,000. Net income was $33,800, and the partners share income equally.

Prepare the partners’ capital statement for the year. (List items that increase partners' capital first.)

IVANHOE CO. Partners’ Capital Statement choose the accounting period                                                                      December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020
	N. Payne		A. Dody		Total
select an opening name                                                                      DrawingsExpensesNet Income / (Loss)Capital, January 1Capital, December 31RevenuesTotal ExpensesTotal Revenues	$enter a dollar amount		$enter a dollar amount		$enter a total for the row
select between addition and deduction                                                                      AddLess: select an item                                                                      DrawingsExpensesNet Income / (Loss)Capital, January 1Capital, December 31RevenuesTotal ExpensesTotal Revenues	enter a dollar amount		enter a dollar amount		enter a total for the row
Prepare the owners’ equity section of the balance sheet at December 31, 2020. IVANHOE CO. Partial Balance Sheet choose the accounting period                                                                      For the Year Ended December 31, 2020December 31, 2020For the Month Ended December 31, 2020 select an opening section name                                                                      Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners' Equity select a balance sheet item                                                                      Net IncomeCapital, December 31DrawingsA. Dody, CapitalCapital, January 1N. Payne, Capital $enter a dollar amount select a balance sheet item                                                                      DrawingsCapital, January 1Net IncomeCapital, December 31A. Dody, CapitalN. Payne, Capital enter a dollar amount select a closing section name                                                                      Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners' Equity $enter a total amount for the section	enter a subtotal of the two previous amounts		enter a subtotal of the two previous amounts		enter a subtotal of the two previous amounts
select between addition and deduction                                                                      AddLess: select an item                                                                      DrawingsExpensesNet Income / (Loss)Capital, January 1Capital, December 31RevenuesTotal ExpensesTotal Revenues	enter a dollar amount		enter a dollar amount		enter a total for the row
select a closing name                                                                      DrawingsExpensesNet Income / (Loss)Capital, January 1Capital, December 31RevenuesTotal ExpensesTotal Revenues	$enter a total amount		$enter a total amount		$enter a total amount

Answer 1

IVANHOE CO.
Partners’ Capital Statement
For the Year Ended December 31,2020
	N. Payne	A. Dody	Total
Capital, January 1	23800	22200	46000
Add: Net income/(loss)	16900	16900	33800
	40700	39100	79800
Less: Drawings	8200	4000	12200
Capital, December 31	32500	35100	67600
IVANHOE CO.
Partial Balance Sheet
December 31, 2020
Owner's Equity
N. Payne, Capital	32500
A. Dody, Capital	35100
Total Owner's Equity		67600