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What is the difference between owner's capital account and owner's equity?
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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...
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;) Hello! I have an owner who wants to take money out of the company not as a loan and not as an employee. (W-2 - We use an employee leasing company.) I know if I write him a check should the entry be as follows: DR: Owner's Draw - Equity Account CR: Cash Should their be any follow-up...
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Why is it important to keep paid-in capital separate from earned capital?
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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... View more questions Search
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