(a) The working sheet as of June 30, 1915.
(b) Balance sheet.
(c) Profit and loss statement containing percentages on sales.
(d) Adjusting and closing journal entries.
Instructions
Note the bases for the various depreciation reserves and that depreciation on furniture and fixtures is to be written off the books, i.e., no reserve is to be set up.
V
July 1, 1915, the capital of the firm of Howe & Mason is increased to $30,000 and Wm. R. Gray is admitted as a partner.
Among other things, the articles of copartnership provide that:
Business is to be conducted under the firm name of Howe, Mason & Co.