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For a S Corporation what do I do with Owner's Distribution at the end of the year?
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There are 3 owners with money given to them without taxes taken out this year. I put the money into Owner's Distribution Account in the Owner's Equity section of the Balance Sheet. What do I do with these accounts at the end of the year?
Owner's equity, owner's claims and balance sheet
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I need help with the following questions. 1. On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows: Cash, $20,500; Accounts Receivable, $7, 250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July... View more questions Search
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