Prepare an owner's equity statement for the month of April.
The income statement of Metallic Item Inc., is as follows:
Metallic Item
Income Statement
For the Month Ended April 30, 2014
Revenue
Service Revenue............................................................................ $9,500
Expenses
Salaries and Wages Expense......................................................... $4,200
Utilities Expense............................................................................. 400
Rent Expense................................................................................. 600
Supplies Expense........................................................................... 1,050
Total Expenses........................................................................ 6,600
Net Income............................................................................................... $2,900
On April 1, the Owner’s Capital account had a balance of $12,900. During April, Metallic item withdrew $3,000 cash for personal use.
Instructions
Prepare an owner's equity statement for the month of April.
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