Prepare the statement of owner equity

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Question - An alphabetical list of Blossoms Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances.

Accounts payable $15,590

Notes payable $42,000

Accumulated depreciation-equipment 14,000

Prepaid insurance 575

Accumulated depreciation-furniture 17,500

R. Smistad, capital 65,750

Cash 22,020

R. Smistad, drawings 74,000

Cost of goods sold 271,900

Rent expense 24,600

Depreciation expense 7,070

Salaries expense 50,900

Equipment 35,000

Salaries payable 2,250

Furniture 42,000

Sales 468,000

Insurance expense 3,575

Sales returns and allowances 16,300

Interest expense 2,140

Supplies 950

Interest payable 615

Supplies expense 6,325

Merchandise inventory 70,950

Unearned revenue 2,600

Required - What is the capital amount need to prepare the statement of owner equity?

Reference no: EM133039016

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