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1. Compute the owner's equity for Norman Gonzales on Dec. 31, 20X1 based on the following data: Norman Gonzales, Capital January 1, 20X1 Norman Gonzales, Cash Drawings for 20X1 Norman Gonzales, Additional Investment 20X1 Net Income 20X1 P 450,000 120,000 80,000 90,000

1. Compute the owner's equity for Norman Gonzales on Dec. 31, 20X1 based on the following data: Norman Gonzales, Capital January 1, 20X1 Norman Gonzales, Cash Drawings for 20X1 Norman Gonzales, Additional Investment 20X1 Net Income 20X1 P 450,000 120,000 80,000 90,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Compute the owner's equity for Norman Gonzales on Dec. 31, 20X1 based on the following data: Norman Gonzales, Capital January 1, 20X1 Norman Gonzales, Cash Drawings for 20X1 Norman Gonzales, Additional Investment 20X1 P 450,000 120,000 80,000 Net Income 20X1 90,000
Transcribed Image Text:1. Compute the owner's equity for Norman Gonzales on Dec. 31, 20X1 based on the following data: Norman Gonzales, Capital January 1, 20X1 Norman Gonzales, Cash Drawings for 20X1 Norman Gonzales, Additional Investment 20X1 P 450,000 120,000 80,000 Net Income 20X1 90,000
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