1. What does the term owner's equity mean with respect to the business overall? 2. If a...
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Question:
1. What does the term "owner's equity" mean with respect to the business overall?
2. If a business is owned by three partners, how many capital accounts are required on the books?Why?
3.What is the purpose of the drawings account?
4.If a business is owned by three partners, how many drawings accounts are required on the books?Why?
5.How is the equity value of a business calculated considering only the accounts in the owner's equity section of the trial balance?
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