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Prepare a statement of owner's equity using the information provided for Pirate Landing for the month of October 2018. Cash $16,000 Pirate Pete, Capital Oct. 1 58,000 Net loss Oct. 2018 7,600 Owner investments 1,500 Wages payable 3,000 Supplies expense 1,500 Owner withdrawals 100 Pirate Landing Statement of Owner's Equity For the Month Ended October 31, 2018 Pirate Pete, Capital Oct. 1 Increases: Total Increases Decreases: Total Decreases Pirate Pete, Capital October 31

Prepare a statement of owner's equity using the information provided for Pirate Landing for the month of October 2018. Cash $16,000 Pirate Pete, Capital Oct. 1 58,000 Net loss Oct. 2018 7,600 Owner investments 1,500 Wages payable 3,000 Supplies expense 1,500 Owner withdrawals 100 Pirate Landing Statement of Owner's Equity For the Month Ended October 31, 2018 Pirate Pete, Capital Oct. 1 Increases: Total Increases Decreases: Total Decreases Pirate Pete, Capital October 31

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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### Preparing a Statement of Owner’s Equity for Pirate Landing: October 2018 Below are the financial details needed to prepare a statement of owner's equity for Pirate Landing for October 2018: - **Cash**: $16,000 - **Pirate Pete, Capital October 1**: $58,000 - **Net Loss for October 2018**: $7,600 - **Owner Investments**: $1,500 - **Wages Payable**: $3,000 - **Supplies Expense**: $1,500 - **Owner Withdrawals**: $100 ### Statement of Owner's Equity #### Pirate Landing **Statement of Owner’s Equity** For the Month Ended October 31, 2018 1. **Pirate Pete, Capital, October 1**: - Initial capital at the beginning of October. (Enter the amount in the provided space.) 2. **Increases**: - Add any additional owner investments made during the month. - Enter this total in the "Total Increases" section. 3. **Decreases**: - Subtract the net loss for October and any owner withdrawals. - Enter this total in the "Total Decreases" section. 4. **Pirate Pete, Capital, October 31**: - Calculate the ending capital for the month by adjusting the beginning capital with the total increases and decreases. This statement provides a detailed look at the changes in the owner's equity for the month, taking into account investments, losses, and withdrawals. Use the empty boxes to input the calculated amounts based on the given data.
Transcribed Image Text:### Preparing a Statement of Owner’s Equity for Pirate Landing: October 2018 Below are the financial details needed to prepare a statement of owner's equity for Pirate Landing for October 2018: - **Cash**: $16,000 - **Pirate Pete, Capital October 1**: $58,000 - **Net Loss for October 2018**: $7,600 - **Owner Investments**: $1,500 - **Wages Payable**: $3,000 - **Supplies Expense**: $1,500 - **Owner Withdrawals**: $100 ### Statement of Owner's Equity #### Pirate Landing **Statement of Owner’s Equity** For the Month Ended October 31, 2018 1. **Pirate Pete, Capital, October 1**: - Initial capital at the beginning of October. (Enter the amount in the provided space.) 2. **Increases**: - Add any additional owner investments made during the month. - Enter this total in the "Total Increases" section. 3. **Decreases**: - Subtract the net loss for October and any owner withdrawals. - Enter this total in the "Total Decreases" section. 4. **Pirate Pete, Capital, October 31**: - Calculate the ending capital for the month by adjusting the beginning capital with the total increases and decreases. This statement provides a detailed look at the changes in the owner's equity for the month, taking into account investments, losses, and withdrawals. Use the empty boxes to input the calculated amounts based on the given data.
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