Apex Systems Co. For the fiscal year ended in December 31,2019, are as follows: Bart Nesbit, Capital Dec.31     78,000       Jan. 1 (2019)    1,334,000                                      Dec.31               347,000 Bart Nesbit , Drawing Mar.31      19,500      Dec.31              78,000 June 30    19,500 Sept. 30    19,500 Dec.31       19,500 Required: Repair a statement of owners equity for the year. No additional investments were made during the year. if a net loss has been incurred or there

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Apex Systems Co. Offers it's services to residents in the Seattle area. Selected accounts from the Ledger of Apex Systems Co. For the fiscal year ended in December 31,2019, are as follows:

Bart Nesbit, Capital

Dec.31     78,000       Jan. 1 (2019)    1,334,000

                                     Dec.31               347,000

Bart Nesbit , Drawing

Mar.31      19,500      Dec.31              78,000

June 30    19,500

Sept. 30    19,500

Dec.31       19,500

Required:

Repair a statement of owners equity for the year. No additional investments were made during the year. if a net loss has been incurred or there has been a decrease in owner's equity, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading.

 

 

Expert Solution
Step 1

The shareholders equity statement is prepared to know the net increase or decrease in owner’s share capital. This statement is shown under liability side of balance sheet, because capital is the liability to the company. The Net income for the accounting year would be considered and added to the capital. The drawings are reduced from it, if there is any.

This statement shows the complete review of the changes in owner’s capital worth. So, it is disclosed separately.               

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