Question

The adjusted trial balance data given below is from the Hampton Company’s worksheet for the year...

The adjusted trial balance data given below is from the Hampton Company’s worksheet for the year ended December 31, 2019. The firm had net income of $47,000 for the year. No additional investments were made during the period. ADJUSTED TRIAL BALANCE ACCOUNT NAME DEBIT CREDIT Lloyd Hampton, Capital (Jan. 1) 76,000 Lloyd Hampton, Drawing 31,500 Prepare a statement of owner's equity for the year ended December 31, 2019. (Input all amounts as positive values.)

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Answer #1

Hampton Company

Statement of Owner's Equity

For the Year ended December 31, 2019

Lloyd Hampton Capital, Jan 1st 2019

$        76,000.00

Additional Investment by owner during the year

$                       -  

Net Income for the Year

$        47,000.00

Less: Lloyd Hampton Drawings

$        31,500.00

Increase in Owner's Equity

$        15,500.00

Lloyd Hampton Capital, December 31st 2019

$        91,500.00
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