Prepare partners' capital statement and partial balance sheet. (LO 2) For National Co., beginning capital balances on January 1,
2020, are Nancy Payne $20,000 and Ann Dody $18,000. During the year, drawings were Payne $8,000 and Dody $5,000. Net income was $40,000, and the partners share income equally.
1 answer:
Answer: The answer had been attached below
Explanation:
The purpose of a balance sheet is to show the financial status of a business at a particular point in time. It shows an asset i.e what is owned by an entity, the liability i.e how much an entity owes and an equity i.e the amount invested in a business.
The partners' capital statement and partial balance sheet. (LO 2) for National Co., has been prepared and attached below.
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Answer: Rate of economic growth = 28%
Explanation:
In year 1,
Work hours in New Zombie = 300
Productivity = $10 per hour worked
Real GDP in the given year = Productivity × Work hours
= $10 × 300
= $3,000
In year 2,
Work hours in New Zombie = 320
Productivity = $12 per hour worked
Real GDP in the given year = Productivity × Work hours
= $12 × 320
= $3,840
Rate of economic growth =
=
= 28%