Please prepare a proft and loss statement for the following data: Data: 1 - The

Question

Please prepare a proft and loss statement for the following data:

Data: 1 - The 2 partners contributed $50,000 apiece as their equity contribution on January 1, 2015. 2 - They entered into a $500,000 bank loan on June 30, 2015. Interest on it was 0%. First payment isn't due until January 1, 2016. 3 - They did some consulting services for a company, and billed the client $250,000 in November. The amount wasn't collected until January 15, 2016, and excluded any consideration for bad debts or defaults. 4 - The partners did not take a salary 5- They do not have any insurance

Explanation / Answer

Profit and loss statement

Except the data 3 , no other data given in question effects the profit and loss statement

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