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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

STATEMENT OF OWNER’S EQUITY Based on Problem 2-9B, prepare a statement of owner’s equity for David Segal for the month of October 20--.

To determine

Prepare a statement of owners’ equity for the month of October.

Explanation

Statement of Owners’ equity: This statement reports the beginning stockholder's equity and all the changes which led to ending stockholder's equity. Additional capital, net income from income statement is added to and drawings or dividends are deducted from beginning stockholder's equity to arrive at the end result, closing balance of stockholder's equity.

Prepare a statement of Owners’ equity:

Company DS
Statement of Owners' Equity
For the month ended October
ParticularsAmountAmount
Person D, Capital
Investments during October 1$15,000
Total investment$15,000
Net income for October (1)$2,050
Less: Withdrawals for October$150
Increase in capital$1,900
Person D, capital, October 30$16,900

Table (1)

Therefore, the ending balance of capital for Person D as on October 30 is $16,900...

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