Ask Experts Questions for FREE Help !
Ask
    iroman's Avatar
    iroman Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Apr 27, 2008, 03:43 PM
    Owner's equity
    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
    Owners' Equity, 12/31/06..
    SBU's Avatar
    SBU Posts: 51, Reputation: 3
    Junior Member
    		  
    #2

    Apr 27, 2008, 06:45 PM
    Show me what you think and then I'll help you out. To get you started you need to categorize everything onto the balance sheet and see what the difference is. That will be your ending owners equity.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Owner's equity [ 2 Answers ]

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

Owner's equity [ 1 Answers ]

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...

Owner's equity [ 1 Answers ]

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...

Owner's Equity [ 2 Answers ]

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...

View more questions Search