Question
Data for Kennedy Realty are as follows: Total assets at January 1 $ 100,000 Total liabilities at January 1 35,000 Total revenues for the year
Data for Kennedy Realty are as follows:
| Total assets at January 1 | $ 100,000 |
|---|---|
| Total liabilities at January 1 | 35,000 |
| Total revenues for the year | 79,000 |
| Total expenses for the year | 47,000 |
The owner, Finn Kennedy, withdrew a total of $30,000 for personal use during the year. Using the above data, prepare Kennedy Realtys Statement of Owners Equity for the year ended December 31.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Principles Of Auditing And Other Assurance Services
Authors: Ray Whittington, Kurt Pany
21st Edition
978-1259916984
