Chapter 16

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# Chapter 16 - PowerPoint PPT Presentation

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

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
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 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 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

423420/423120 = 1 or 100%

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 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
Distribution of Net Income

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

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
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
Order of Financial Sheet
• Income Statement
• Distribution of Net Income
• Owner’s Equity Statement
• Balance Sheet