Data for Kennedy Realty Are as Follows The Owner, Finn Kennedy, Withdrew a Total of $30,000 for |

question 73

Essay

Data for Kennedy Realty are as follows:
$$\begin{array} {| l | l |} \hline\text { Total asets at January } 1 & \$ 100,000 \\\hline \text { Total liabilities at January } 1 & 35,000 \\\hline \text { Total revenues for the year } & 79,000 \\\hline \text { Total expenses for the year } & 47,000 \\\hline\end{array}$$ The owner, Finn Kennedy, withdrew a total of $30,000 for personal use during the year. Using the above data, prepare Kennedy Realty's Statement of Owner's Equity for the year ended December 31.

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Definitions:

Current Liabilities

Obligations or debts that a company is expected to pay within one year, such as accounts payable and short-term loans.

Operating Cycle

The duration of time it takes for a company to buy inventory, sell it, and convert it back into cash.

Current Liabilities

Obligations or debts that a company must pay within a year.

Operating Cycle

The operating cycle is the duration of time it takes for a company to purchase inventory, sell it, and convert the sales into cash.