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Chapter 16. Financial Statements for Partnerships. Steps that you need to know. Numbers from the worksheet to the Income statement Numbers from the income statement to the Distribution of net income Numbers from the distribution of net income to the Owner’s Equity statement.

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Chapter 16

Chapter 16

Financial Statements for Partnerships


Steps that you need to know
Steps that you need to know

  • Numbers from the worksheet to the Income statement

  • Numbers from the income statement to the Distribution of net income

  • Numbers from the distribution of net income to the Owner’s Equity statement


Income statement for a partnership
Income Statement for a Partnership

Comes from the beginning balance of the merchandise inventory account on worksheet

Comes from the ending balance of the merchandise inventory account on the worksheet


Steps that you need to know1
Steps that you need to know

  • Numbers from the worksheet to the Income statement

  • Numbers from the income statement to the Distribution of net income

  • Numbers from the distribution of net income to the Owner’s Equity statement


69615.85

69615.85

423120

423120

360532.68

360532.68



Steps that you need to know2
Steps that you need to know textbook

  • Numbers from the worksheet to the Income statement

  • Numbers from the income statement to the Distribution of net income

  • Numbers from the distribution of net income to the Owner’s Equity statement


423420/423120 = 1 or 100% textbook

100%

48.6%

205800/423120 = 48.6%

51.4

217320/423120 = 51.4

205800/423120 = 34.9

34.9

205800/423120 = 48.6%

48.6%


Steps that you need to know3
Steps that you need to know textbook

  • Numbers from the worksheet to the Income statement

  • Numbers from the income statement to the Distribution of net income

  • Numbers from the distribution of net income to the Owner’s Equity statement


Distribution of net income
Distribution of Net Income textbook

We will use these numbers to put them into the owner’s equity statement


Steps that you need to know4
Steps that you need to know textbook

  • Numbers from the worksheet to the Income statement

  • Numbers from the income statement to the Distribution of net income

  • Numbers from the distribution of net income to the Owner’s Equity statement


Steps that you need to know5
Steps that you need to know textbook

  • Numbers from the worksheet to the Income statement

  • Numbers from the income statement to the Distribution of net income

  • Numbers from the distribution of net income to the Owner’s Equity statement


Order of financial sheet
Order of Financial Sheet textbook

  • Income Statement

  • Distribution of Net Income

  • Owner’s Equity Statement

  • Balance Sheet



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