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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

Identify the sources of the information needed to prepare the statement of owner’s equity.

To determine

Identify the sources of the information which is needed to prepare the statement of owner’s equity.

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

Format of the statement of owners’ equity:

...
Statement of Owner’s Equity
ParticularsAmount ($)Amount ($)
Beginning capitalXXX
Add: Net incomeXXX

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