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Juanita Gomez and Brandi Toomey have formed the GT Partnership and have capital balances of $130000 and $100000 respectively on January 1 2017. On June 1 2017 Toomey invested an additional $30000. Also during the year Gomez withdrew $60000 and Toomey withdrew $48000. Sales for the year amounted to $360000 and expenses were $240000. Gomez and Toomey share income and losses on a 3:1 basis.
Instructions
(a) Prepare the closing entries at December 31 2017 for the GT Partnership.
(b) Prepare a partners' capital statement for 2017.
Halogens
A group of elements found in Group 17 of the periodic table, characterized by their high reactivities and tendencies to form salts with metals.
Main Group Non-metal
Elements located in the s and p blocks of the periodic table, excluding metalloids and metals, essential for various biological and industrial processes.
Transition Metal Elements
Elements found in groups 3 through 12 of the periodic table, characterized by their ability to form stable compounds with variable oxidation states.
Ionic
Relating to or involving ions, typically describing chemical bonds formed through the electrostatic attraction between oppositely charged ions.
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