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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Statement of owner's equity

Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2015, Marcie Davies, Capital had a balance of $618,500. During the year, Marcie invested an additional $40,000 and withdrew $15,000. For the year ended December 31, 2015, Gemini Advertising Services reported a net income of $92,330. Prepare a statement of owner's equity for the year ended December 31, 2015.

To determine

Statement of owners’ equity: This statement reports the beginning owner’s equity and all the changes, which led to ending owners’ equity. Additional capital, net income from income statement is added to and drawings are deducted from beginning owner’s equity to arrive at the result, ending owner’s equity.

To Prepare: A statement of owners’ equity for the year ended December 31, 2015.

Explanation
G Advertising Services
Statement of Owner’s Equity
For the Year ended December 31, 2015
Particulars Amount ($) Amount ($)
MD Capital, January 1, 2015

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