Question
In Royweb Co., beginning capital balances on January 1, 2014, are Ken Rory $21,500 and Diane Webb $19,700. During the year, drawings were Rory $7,700
In Royweb Co., beginning capital balances on January 1, 2014, are Ken Rory $21,500 and Diane Webb $19,700. During the year, drawings were Rory $7,700 and Webb $2,700. Net income was $34,000, and the partners share income equally.
Prepare the owners equity section of the balance sheet at December 31, 2014.
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Managerial Accounting Tools for Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
8th edition
978-1-119-3904, 1119392422, 111939242X, 1119390451, 978-1119392422
