Question

With the following information prepare the Statement of Owner's Equity for Lamp Company -- time period...

With the following information prepare the Statement of Owner's
Equity for Lamp Company -- time period is for the Year ending
31-Dec-17
Cash $        52,000
Capital beg $     523,500
Salary payable $        24,000
Withdrawal $        31,000
Net income $     146,000

Homework Answers

Answer #1
  • Statement, as asked

Statement of Owner's Equity

For the year ending 31 Dec 2017

Capital - Beginning Balance

$      523,500.00

Add: Net Income

$          146,000.00

Less: Withdrawals

$            31,000.00

Net Increase (Decrease) in Capital

$      115,000.00

Capital - Ending Balance

$      638,500.00

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