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What is the purpose of the drawings account

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Reference no: EM132975730

The requirements are:

  1. What does the term "owner's equity" mean with respect to the business overall?
  2. If a business is owned by three partners, how many capital accounts are required on the books? Why?
  3. What is the purpose of the drawings account?
  4. If a business is owned by three partners, how many drawings accounts are required on the books? Why?
  5. How is the equity value of a business calculated considering only the accounts in the owner's equity section of the trial balance?

Reference no: EM132975730

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