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Fan Company A Statement of Partner’s Equity December 31, Year 10

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Year 10 Financial Statements – Given  
        
  Fan Company A     
  Statement of Partner’s Equity     
  December 31, Year 10     
  20% 50% 30% 
  Partner Partner PartnerNet Income
  A B C   732,080
Beg Capital       177,000         20,000        154,000  
Salary Allowance          30,000         30,000    672,080
Interest Allowance        17,700           2,000         15,400    636,980
Net Income/Loss       127,396        318,490        191,094  
Withdrawals        14,976         20,000         20,000  
Ending Capital       307,120        350,490        370,494  
  Fan Company A   
  Balance Sheet   
  December 31, Year 10   
      
      
      
 Assets  Liabilities 
 Current Assets:  Current Liabilities: 
 Cash         389,997  Accounts Payable        21,000
 Accounts Receivable           99,000  Notes Payable        26,893
 Prepaid Insurance           30,000    
 Raw Materials Inv.           50,000  Long Term Liabilities:
 Work in Process Inv.           32,000  Notes Payable        19,000
 Finished Goods Inv.           60,000  Mortgage Payable      534,000
      
 Prop, Plant, & Equip: Partners Equity: 
 Land         210,000    
 Building         600,000  J. Black, Capital      307,120
 Manufacturing Equip         140,000  S. Brown, Capital      350,490
    L. Green, Capital      370,494
 Intangible Assets:    
 Patents           18,000    
      
 Total Assets       1,628,997  Liabilities and Equity   1,628,997
 
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