Question
SE8. Randall Company engaged in activities during the first year of its operations that resulted in the following: service revenue, $4,800; expenses, $2,450; and withdrawals,
SE8. Randall Company engaged in activities during the first year of its operations that resulted in the following: service revenue, $4,800; expenses, $2,450; and withdrawals, $410. In addition, the year-end balances of selected accounts were as follows: Cash, $1,890; Other Assets, $1,000; Accounts Payable, $450; and Owners Capital, $2,440. Prepare Randalls statement of owners equity and balance sheet (assume the year ends on December 31, 2014). (Hint: You must solve for the beginning balance of Owners Equity for 2014.)
PLEASE HELP ME! I have spent hours trying to figure this out. I truly need help. I want to learn how to do this on my own, but I'm such a visual learner that it helps me when I see a problem worked out. All of my classes are online because of COVID-19, so I could use all of the help I get!
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