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Presented below is information related to Powell Company. Required: How much did Powell Company have in revenues for the year? Assets , January 1 $ 57,000 Liabilities , January 1 38,000 Assets, December 31 98,000 Liabilities, December 31 62,000 Additional investments by owner 13,100 Revenues Expenses 10,300 Drawing 6,800
Step 1: Calculate the following: beginning owner's equity, ending owner's equity, and the amount of change (increase or decrease) in owner's equity. (a) Calculate the beginning owner's equity:
(b) Calculate the ending owner's equity:
(c) Calculate the change (increase or decrease) in owner's equity:

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