Century 21 Accounting: General Journal
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23rd EditionCarl S Warren, James M Reeve, Jonathan E. Duchac
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Recommended textbook solutionsIntermediate Accounting
14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
1,471 solutions
Fundamentals of Financial Management, Concise Edition
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777 solutions
Century 21 Accounting: General Journal
11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman
1,009 solutions
Accounting
23rd EditionCarl S Warren, James M Reeve, Jonathan E. Duchac
2,210 solutions
Changes in owner's equity come from net income or loss and from additional owner investment or withdrawal.
• For Patry Best Pharmacy net income for 2019 was $54,458, however owner equity increased by only $52,458. Therefore a withdrawal of $2,000 must have been made by the owner.
reflect these cash related corrections, the change in owner equity is replaced by entries listing net income as $54,458, a source of cash and owner withdrawal as a $2,000 use of cash.
Income= source, withdrawal=use
Recommended textbook solutions
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Which one of the following accurately describes the three parts of the Du Pont identity?
A. operating efficiency, equity multiplier, and profitability ratio
B. financial leverage, operating efficiency, and profitability ratio
C. equity multiplier, profit margin, and total asset turnover
D. debt-equity ratio, capital intensity ratio, and profit margin
E. return on assets, profit margin, and equity multiplier