
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Topic Video
Question
thumb_up100%
Yolanda Weaver owns and operates Weaver Advertising Services. On January 1, 2018, Yolanda Weaver, Capital had a balance of $171,950. During the year, Yolanda invested an additional $8,600 and withdrew $60,200. For the year ended December 31, 2018, Weaver Advertising Services reported a net income of $51,800.
Prepare a statement of owner's equity for the year ended December 31, 2018. Use the minus sign to indicate negative values.

Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps with 1 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Elegant Arrangements has just completed operations for the year ended December 31, 2024. This is the third year of operations for the company. The following data have been assembled for the business: E (Click the icon to view the assembled data.) E (Click the icon to view the income statement.) Prepare the statement of owner's equity of Elegant Arrangements for the year ended December 31, 2024. (Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal.) Reference Data Table Elegant Arrangements Abby, Capital, January 1, 2024 Income Statement Insurance Expense $ 5,500 Salaries Expense $ 39,000 Service Revenue 98,000 Accounts Payable 7,200 Year Ended December 31, 2024 Utilities Expense 1,100 Office Supplies Revenues: 1,600 Rent Expense 7,000 Abby, Withdrawals 42,500 Service Revenue $ 98,000 Abby, Capital, Jan. 1, 2024 10.000 Accounts Receivable 7,000 Expenses: Abby, Capital, December 31, 2024 Cash Equipment 11,400 Salaries Expense 39,000 5,400…arrow_forwardDuring the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2024, you come across several items needing further consideration. Currently, net income is $94,000. 1. An insurance policy covering 12 months was purchased on October 1, 2024, for $20,400. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2024. 2. During 2024, the company received a $3,400 cash advance from a customer for services to be performed in 2025. The $3,400 was incorrectly credited to Service Revenue. 3. Purchases of supplies during the year were incorrectly recorded to Supplies Expense. You discover that supplies costing $2,450 were on hand at December 31, 2024. 4. Trojan borrowed $64,000 from a local bank on September 1, 2024. Principal and interest at 9% will be paid on August 31, 2025. No accrual was made for interest in 2024. Required: Using the information in 1 through 4 above, determine the proper…arrow_forwardYou are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt. (EV of $1. PV of 51. EVA of S1. PVA ofS1 EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2.300,000. The bonds mature in 15 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate 2 At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $670,000. The annual payment is $145,000, payable each June 30 3, On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $70,000 beginning January 1, 2021.…arrow_forward
- The assets, liabilities, and equities of Dickens Design Studio have the following balances at December 31, 2018. The owner, Rob Gatton, began the year with a $33,000 capital balance, contributed $15,000, and withdrew $51,000 during the year. Click the icon to view the account balances.) Prepare the income statement for Dickens Design Studio for the year ending December312018. Total Assets Net Income Balance Sheet December 31, 2018arrow_forwardDorah, the sole stockholder of Barnie Inc., runs a home-cleaning service in the suburb of a large city. Her balance sheet as at January 31, 2019 is as follows: Barnie Inc.Balance SheetAs at January 31, 2019AssetsCash $4,600Accounts Receivable $15,300Equipment $9,000Accumulated Depreciation $-2,400Total Assets $26,500LiabilitiesAccounts Payable $2,400Notes Payable $12,100Total Liabilities $14,500Stockholder's Equity $12,000Total Liabilities & Stockholder's Equity $26,500 In the upcoming year, Dorah expects the following events to occur:Total revenues of $26,000 and total expenses of $16,800100% of accounts receivable from the prior year will be collected in the following yearCredit sales will represent 40% of revenues for the year100% of accounts payable owing from 2019 will be paid off in 2020By the end of January, 2020, Barnie will owe its suppliers $3,700No principal payments will be made on the bank loan during 2019Purchase of new equipment for $1,500. The entire purchase will…arrow_forwardBarger elects to use the equity method of accounting. What is the balance in the Investment in Booker account in the records of Barger Company at December 31, of the current year? Multiple Choice $1,772,500 $1,247,500 $1,900,000 $1,152,500 $1,200,000arrow_forward
- You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2,000,000. The bonds mature in 20 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate. 2. At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $530,000. The annual payment is $75,000, payable each June 30. 3. On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $40,000 beginning January 1, 2021.…arrow_forwardPlease provide answer in text (Without image)arrow_forwardBelow are the May 31, 2015, year-end financial statements for Gillespie Corp., prepared by a sum- mer student. There were no share capital transactions in the year just ended. Gillespie Corp. Income Statement For the Year Ended May 31, 2015 Revenues $382,000 25,000 Service revenue Unearned service revenue Rent revenue 90,000 Expenses Warehouse rent expense Prepaid advertising Salaries and benefits expense Dividends Utilities expense Insurance expense Shop supplies expense Net income 100,000 17,000 110,000 10,000 42,000 15,000 6,000 $197,000 Gillespie Corp. Statement of Changes in Equity At May 31, 2015 Share Retained Total Capital $5,000 Earnings $140,000 197,000 $337,000 Equity $145,000 197,000 $342,000 Opening balance Net income Ending balance $5,000 Gillespie Corp. Balance Sheet For the Year Ended May 31, 2015 Assets Liabilities Cash $ 50,000 Accounts payable $130,000 85,000 45,000 240,000 52,000 Accounts receivable Office equipment Building Shop supplies Total liabilities $130,000…arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education


Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,

Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON

Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education