Accounting - Unit 2
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Japeth's statement of changes in owner's equity shows net income of $25,000, owner's drawings of $5,000 and an ending balance of $65,000. What was Japeth's beginning balance? Answer- $45,000 When preparing a trial balance worksheet, what step would Tom complete next if he has already prepared a trial balance, adjusted entries and prepared an adjusted trial balance? Answer- Prepare an income statement If Rose is preparing an income statement with $7,000 in owner's equi...
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Japeth's statement of changes in owner's equity shows net income of $25,000, owner's drawings of $5,000 and an ending balance of $65,000. What was Japeth's beginning balance? Answer- $45,000 When preparing a trial balance worksheet, what step would Tom complete next if he has already prepared a trial balance, adjusted entries and prepared an adjusted trial balance? Answer- Prepare an income statement If Rose is preparing an income statement with $7,000 in owner's equi...