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For Crane Co., beginning capital balances on January 1, 2022, are Nancy Payne $ 22,400 and Ann Dody $20,700. During the year, drawings were Payne $7,900 and Dody $4,200. Net income was $ 28,200, and the partners share income equally. (a) Prepare the partners' capital statement for the year. (List items that increase partners' capital first.) CRANE CO. Partners' Capital Statement N. Payne A. Dody Total 2$ $4 24 %24 2$

For Crane Co., beginning capital balances on January 1, 2022, are Nancy Payne $ 22,400 and Ann Dody $20,700. During the year, drawings were Payne $7,900 and Dody $4,200. Net income was $ 28,200, and the partners share income equally. (a) Prepare the partners' capital statement for the year. (List items that increase partners' capital first.) CRANE CO. Partners' Capital Statement N. Payne A. Dody Total 2$ $4 24 %24 2$

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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Please solve both problems completely
For Crane Co., beginning capital balances on January 1, 2022, are Nancy Payne $22,400 and Ann Dody $20,700. During the year, drawings were Payne $7,900 and Dody $ 4,200. Net income was $ 28,200, and the partners share income equally. (a) Prepare the partners' capital statement for the year. (List items that increase partners' capital first.) CRANE CO. Partners' Capital Statement N. Payne A. Dody Total $4 24 2$ $4 2$
Transcribed Image Text:For Crane Co., beginning capital balances on January 1, 2022, are Nancy Payne $22,400 and Ann Dody $20,700. During the year, drawings were Payne $7,900 and Dody $ 4,200. Net income was $ 28,200, and the partners share income equally. (a) Prepare the partners' capital statement for the year. (List items that increase partners' capital first.) CRANE CO. Partners' Capital Statement N. Payne A. Dody Total $4 24 2$ $4 2$
(b) Prepare the owners' equity section of the balance sheet at December 31, 2022. CRANE CO. Partial Balance Sheet 2$ 24
Transcribed Image Text:(b) Prepare the owners' equity section of the balance sheet at December 31, 2022. CRANE CO. Partial Balance Sheet 2$ 24
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