98%-) 6:07 https://edugen.wile c ENT RESOURCES 12Homewor For National Co., begin

Question

98%-) 6:07 https://edugen.wile c ENT RESOURCES 12Homewor For National Co., beginning capital balances on January 1, 2017, are Nancy Payne $21,600 and Ann Dody $14,400. During the year, drawings were Payne $7,300 and Dody $4,700. Net income was $26,400, and the partners share income equally. 12A ca Your answer is correct. Prepare the partners' capital statement for the year. List items that increase partners' capital first.) Partners Capital Statement Year Ended N. Payne A. Dody Total Capital, January 1 Net Income/ CLoSS) Less Drawings Capital,December 31 HOW ANSWER LINK TO TEXT VIMO: SIMILAR EXERC1S Attempts: 2 of 3 used (b) Prepare the owners' equity section of the balance sheet at December 31, 2017 NATIONAL CO Partial Balanoe sheet

Explanation / Answer

b) Prepare owner's equity section of the balance sheet at december 31,2017

Owner's equity N.Payne's capital 27500 A. Dody's capital 22900 Total Owner's equity 50400

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