139.The Creighton Company was started on January 1, 2013 as a sole proprietorship. The initial investment from Chris Creighton, the owner, was $160,000. During 2013, the business earned $120,000 in...

139.The Creighton Company was started on January 1, 2013 as a sole proprietorship. The initial investment from Chris Creighton, the owner, was $160,000. During 2013, the business earned $120,000 in cash revenue and paid $80,000 in cash expenses. Mr. Creighton withdrew $8,000 for her personal use. Using the above information, prepare an income statement, a capital statement, and a balance sheet for the Creighton Company.


140.The Dillard-Hughes Company was started on January 1, 2013 as a partnership. The initial investments from the two partners were $100,000 from Dillard and $60,000 from Hughes. During 2013, Dillard-Hughes Company earned $110,000 in cash revenue, paid $80,000 in cash expenses and the partners withdrew $5,000 each for their personal use. The partnership agreement calls for equal sharing of net income or loss. Using only the above information, prepare an income statement, a capital statement, and a balance sheet for the Dillard-Hughes Company.