Explanation Statement of owner’s equity is one of the financial statements of the company. It shows the changes in the owner’s equity for a particular period of time. Prepare statement of owner’s equity. Company BOS Statement of Owners’ Equity Year Ended December 31, 2019 Particulars Amount ($) Amount ($) BS, Capital, January 1, 2019 63,760 Addition: Net income 42,975 Less: Withdrawals 40,700 Add: Increase in capital 2,275 BS, Capital, December 31, 2019 66,035 Table (1) Working note: Prepare the classified income statement: Company BOS Income Statement Year Ended December 31, 2019 Particulars Amount ($) Amount ($) Amount ($) Amount ($) Operating Revenue Sales $248,900 Less: Sales Returns and Allowances $4,350 Net Sales $244,550 Cost of Goods Sold Merchandise Inventory, January 1, 2019 $59,775 Purchases $103,600 Freight In $1,975 Delivered Cost of Purchases $105,575 Less: Sales Returns and Allowances $3,600 Purchases Discount $1,800 $5,400 Net Delivered Cost of Purchases $100,175 Total Merchandise Available for sale $159,950 >&#...

16th Edition

ISBN: 9781264624256

Author: Haddock

Publisher: MCG

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Chapter 13 Solutions

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