Q 140

The Rubble-Flintstone Company was started on January 1,2016 as a partnership.The initial investments from the two partners were $50,000 from Rubble and $30,000 from Flintstone.During 2016,Rubble-Flintstone Company earned $70,000 in cash revenue,paid $42,000 in cash expenses and the partners withdrew $5,000 each for their personal use.The partnership agreement calls for equal sharing of net income or loss.Using only the above information,prepare an income statement,a capital statement,and a balance sheet for the Rubble-Flintstone Company.

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