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:

Employment

The condition of having paid work; a formal relationship between an employer and an employee.

Lateral Thinking

A problem-solving approach that involves looking at challenges from new and unconventional angles.

Creatively

In a manner that involves the use of imagination or original ideas to create something or solve problems.

Flexible Thinking

The ability to adapt thoughts and behaviors in response to changing circumstances or new information.