BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

Solutions

Chapter
Section
BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
5 views

Statement of owner's equity

Apex Systems Co. offers its services to residents in the Seattle area. Selected accounts from the ledger of Apex Systems Co. for the fiscal year ended December 31, 2016, are as follows:

Chapter 4, Problem 4.8EX, Statement of owner's equity Apex Systems Co. offers its services to residents in the Seattle area.

Prepare a statement of owner’s equity for the year.

To determine

Financial statement

A financial statement is the complete record of financial transactions that take place in a company at a particular point of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company. There are four basic financial statements; they are:

  • Balance Sheet
  • Income statement
  • Statement of owners’ equity
  • Statement of cash flows

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, 2016.

Explanation
AS Company
Statement of Owner’s Equity
For the Year Ended December 31, 2016
Particulars Amount ($) Amount ($)
BN Capital, Jan...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Describe the transactions that are recorded in the following equation:

College Accounting (Book Only): A Career Approach

Use a production possibilities frontier to describe the idea of efficiency.

Principles of Microeconomics (MindTap Course List)

RATIO ANALYSIS The Corrigan Corporation's 2013 and 2014 financial statements follow, along with some industry a...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What is investment? How is it related to national saving in a closed economy?

Brief Principles of Macroeconomics (MindTap Course List)

Describe organizational governance.

Accounting Information Systems