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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

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

STATEMENT OF OWNER’S EQUITY REPORTING NET INCOME Betsy Ray started an accounting service on June 1, 20--, by investing $20,000. Her net income for the month was $10,000, and she withdrew $8,000. Prepare a statement of owner’s equity for the month of June.

STATE MENT OF OWNER ’S EQUITY REPORTING NET LO SS Based on the information provided in Exercise 2-6A, prepare a statement of owner’s equity assuming Ray had a net loss of $3,000.

To determine

Prepare statement of owners’ equity.

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 L
Statement of Owner’s Equity
For Month Ended June 30
ParticularsAmountAmount

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