TrishaRosano-UNIT6-txtbook exercise

TrishaRosano-UNIT6-txtbook exercise - 28,150 Jody Padget...

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PE 4–3A Padget Advertising Services Statement of Owner’s Equity For the Year Ended December 31, 2007 Jody Padget, capital, January 1, 2007 ............................................ $550,600 Additional investment during 2007 ...................................... 50,000 Total .................................................................................... $600,600 Net income .............................................................................. $ 68,150 Less withdrawals .................................................................... 40,000 Increase in owner’s equity
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Unformatted text preview: ................................................... 28,150 Jody Padget, capital, December 31, 2007 $628,750 PE 4–4A 1. Current liability 5. Current asset 2. Property, plant, and equipment 6. Current liability 3. Current asset 7. Current liability 4. Long-term liability 8. Owner’s equity PE 4–6A The following two steps are missing: (1) posting the transactions to the ledger and (2) the preparation of the financial statements. Transactions should be posted to the ledger after step (a). The financial statements should be prepared after step (f)....
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