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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Prepare a statement of owner’s equity for The Lindal Clinic for the year ended December 31. P. Lindal’s capital amount on January 1 was $124,000, and there was an additional investment of $7,000 on May 12 and withdrawals of $31,500 for the year. Net income for the year was $20,418.

To determine

Prepare a statement of owners’ equity of TL Clinic for the year ended December 31.

Explanation

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 is deducted from beginning owner’s equity to arrive at the end result, ending owner’s equity.

Prepare a statement of owners’ equity for TL Clinic for the year ended December 31.

TL Clinic
Statement of Owners’ Eq...

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