A Partnership Began on January 1,2020,with Two Partners Kelly Simmons

question 19

Essay

A partnership began on January 1,2020,with two partners Kelly Simmons and Dawn Jones.The partnership is called Simmons and Jones Partnership.Kelly contributed $40,000 cash and Dawn contributed equipment with a fair market value of $70,000.The partners share profits and losses 50:50.Partners' withdrawals were $10,000 by Kelly and $5,000 by Dawn.Net income for 2020 was $60,000.
Required:
Prepare the statement of partner's equity for the year ending December 31,2020.

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Definitions:

Training Costs

The total expenses incurred in the design, development, delivery, and evaluation of training programs.

Training Design

The planned, systematic layout and structure of a training program, including objectives, delivery methods, materials, and assessment tools.

Modality Principle

A guideline in multimedia learning that suggests people learn better from words and pictures when the words are spoken rather than presented in text form.

Audio Technology

The use and application of equipment and software for recording, reproducing, and manipulating sound.