Statement of Owner's Equity; Net LossSelected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2019, are as follows:Doug Stone, CapitalDoug Stone, DrawingApril 305,200May 1 (2018)309,100July 311,300April 305,200April 3042,000Oct. 311,300Jan. 311,300April 301,300Prepare a statement of owner's equity for the year.
Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
Statement of Owner's Equity; Net Loss
Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2019, are as follows:
Doug Stone, Capital
Doug Stone, Drawing
April 30
5,200
May 1 (2018)
309,100
July 31
1,300
April 30
5,200
April 30
42,000
Oct. 31
1,300
Jan. 31
1,300
April 30
1,300
Prepare a statement of owner's equity for the year.
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