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Question - Case Study: Statement of Changes in Owner's Equity
Calculate missing information on a statement of changes in owner's equity that is being prepared for a hypothetical business.
Statement of Changes in Owner's Equity Beginning Balance ?
Net Income $22,000
Drawings $1,500
Ending Balance $76,500
What is the total beginning balance in the statement of changes in owner's equity that Tyler drafted for his shoe store, shown here?
a) $20,500
b) $56,000
c) $23,500
d) $53,000
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