Accounts Payable... $ 62,500 Accounts Receivable... 123,000 Buildings... 418,500 Owner's Equity, 1/1/06... 210,000 Cash... 179,750 Distributions to owners during 2006... 21,750 Supplies.. . 3,750 Land.. . 130,000 Mortgage payable... 479,000 Net Income for 2006... 124,000

Why is it important to keep paid-in capital separate from earned capital?

The Apricot Company in 2001 had notes payable of $1,200, accounts payable of $2,400, and long-term debt of $3,000. The corresponding entries for 2002 are $1,600, $2,000, and $2,800. For assets, Apricot had in 2001 $800 in cash, $400 in marketable securities, and $1,800 of inventory. The...

I have to do t-accounts, trial balance,income statement, owner's equity and a balance sheet on an example the teacher gave us. I completed the t-accounts and the trial balance. They are correct, but, I am stubled on the income statement and the owner's equity. I don't know how to figure if it was a...

Im having a problem. I have an account set up as contributions, drawings, and personal use of home accounts. I have a retained earnings and current earnings and total equity account. My question.I made some errors and have corrected them. I put entries in the retained earnings that shouldn't have...