Below is information from the statement of owners equity of Mrs. Kittys Cookies for a recent year.

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Below is information from the statement of owner’s equity of Mrs. Kitty’s Cookies for a recent year.

Withdrawals ............. 0

Net income .............. ?

Owner’s Equity, January 31, 2010 .....$159,490

Owner’s Equity, January 31, 2009 .....$105,000

Prepare the statements of owner’s equity for Mrs. Kitty’s cookies in good form. You will need to solve for the amount of net income. What is owner’s equity? Why might the owner decide not to make any withdrawals from the company?

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Principles of Accounting

ISBN: 978-1439037744

11th Edition

Authors: Needles, Powers, crosson

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Question Posted: Feb 22, 2012 11:38 PM

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Below is information from the statement of owners equity of Mrs. Kittys Cookies for a recent year.

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