(a) Prepare a statement of owner’s equity in good form for the year ended December 31, 2019 (b) Prepare a balance sheet in good form as of December 31, 2019.
(a) Prepare a statement of owner’s equity in good form for the year ended December 31, 2019 (b) Prepare a balance sheet in good form as of December 31, 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 6
The following items were taken from the financial statements of Young Company, Inc.
Unearned Revenue $ 950
Prepaid expenses 900 Accounts payable 1,444
Equipment 11,300 Notes payable 1,498
Notes Receivable 3,490
Cash 2,648 Inventory 1,920
2019 net income was $1,000 and Dividends were $700.
Instructions:
(a) Prepare a statement of owner’s equity in good form for the year ended December 31, 2019
(b) Prepare a
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