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.

---

Definitions:

Performance

The level at which an individual, group, or organization accomplishes its goals and objectives, often evaluated against a set of standards.

Potential Performance

An individual's or organization's capacity to achieve output or results beyond current levels, given the right conditions or development.

Actual Performance

Refers to the real and measurable results of an individual's or organization's work activities and efforts.

Process Losses

The inefficiencies that result in diminished productivity or effectiveness within a group’s collaborative efforts.