For Crane Co., beginning capital balances on January 1, 2022, are Nancy Payne $21,200 and Ann Dody $17,200. During the year,drawings were Payne $7,000 and Dody $5,900. Net income was $26,500, and the partners share income equally.(a)Prepare the partners' capital statement for the year. (List Items that increase partners' capital first.)(b):eTextbook and MedialSave for Later$$CRANE CO.Partners' Capital StatementN. PaynePrepare the owners' equity section of the balance sheet at December 31, 2022.CRANE CO.Partial Balance Sheet$$A. DodyAttempts: 0 of 5 usedTotalSubmit Answer

Capital Statement means a Statement that shows the opening capital, Net profit/(Net Loss) dividend…

For Crane Co., beginning capital balances on January 1, 2022, are Nancy Payne $21,200 and Ann Dody $17,200. During the year, drawings were Payne $7,000 and Dody $5,900. Net income was $26,500, and the partners share income equally.

For Crane Co., beginning capital balances on January 1, 2022, are Nancy Payne $21,200 and Ann Dody $17,200. During the year, drawings were Payne $7,000 and Dody $5,900. Net income was $26,500, and the partners share income equally.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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