E Left:0.25"E Before 0 pt. dnoA RotatePosition WraPBringText Forward Backward-SendSelection* Right 0"= After0 ptPaneParagraphArrange1. For Starrite Co., beginning capital balances on January 1, 2012, are Dona Noble$18,000 and Amy Bond $16,000. During the year, drawings were Noble $7,000 andBond $4,000. Net income was $20,000, and the partners share income equally.InstructionsPrepare the partners capital statement for the year.2. The net income for Lodi Co. for 2012 was $270,000. For 2012, depreciation on plantassets was $50,000, and the company incurred a gain on sale of plant assets of $12,000.Compute net cash provided by operating activities under the indirect method.3. Kimmel Corporation purchased debt investments for $50.000 on January 1, 2012. OnJuly 1, 2012, Kiimmel recetved cash interest of S2,500. Journalize the purchase and thereceipt of interest. Assume that no interest has been accrued.

1. For Starrite Co., beginning capital balances on January 1, 2012, are Donna Noble $18,000 and Amy Bond $16,000. During the year, drawings were Noble $7,000 and Bond $4,000. Net income was $20,000, and the partners share income equally.

1. For Starrite Co., beginning capital balances on January 1, 2012, are Donna Noble $18,000 and Amy Bond $16,000. During the year, drawings were Noble $7,000 and Bond $4,000. Net income was $20,000, and the partners share income equally.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 46E: OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had...

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Owner's equity is OR150,000 and total liabilities are OR90,000. Total assets would be: Select one: a. OR60,000. O b. OR300,000. O c. OR240,000. O d. OR180,000.
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