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: 9781265167943

Author: Haddock

Publisher: MCG

See similar textbooks

Concept explainers

Reporting Cash Flows

Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows fro…

Balance Sheet

A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …

Financial Statements

Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…

Owner's Capital

Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…

Videos

Question

Chapter 13, Problem 4E

To determine

Prepare statement of owner’s equity.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 13, Problem 3E

Chapter 13, Problem 5E

Students have asked these similar questions

Which of the following best describes standard costs? A) Costs used as a budget for a single unit of product B) Costs incurred to produce a product C) Costs based on the average of current market values D) Costs used to compare with competitors' prices

What is the receivables turnover? The days' sales in receivables? Please answer the financial accounting question

correct answer please this account Q

Chapter 13 Solutions

COLLEGE ACCOUNTING LOOSE-LEAF + CONNECT

Ch. 13 - Why are financial statements prepared in...Ch. 13 - What is the distinction between current...Ch. 13 - Prob. 1.3SRQ Ch. 13 - Which of the following is not a current asset? a....Ch. 13 - How should purchases returns and allowances be...Ch. 13 - Assume that a business listed the Freight In...Ch. 13 - Why do adjusting entries need detailed...Ch. 13 - Which adjusting entries should be reversed?Ch. 13 - Prob. 2.3SRQ Ch. 13 - A reversing entry is made for an end-of-period...

Ch. 13 - Prob. 2.5SRE Ch. 13 - At the end of the previous accounting period, an...Ch. 13 - Prob. 1CSR Ch. 13 - Prob. 2CSR Ch. 13 - Prob. 3CSR Ch. 13 - Prob. 4CSR Ch. 13 - Which of the following should have a debit balance...Ch. 13 - Prob. 6CSR Ch. 13 - Prob. 7CSR Ch. 13 - Prob. 1DQ Ch. 13 - Prob. 2DQ Ch. 13 - What are operating expenses?Ch. 13 - Prob. 4DQ Ch. 13 - Prob. 5DQ Ch. 13 - Prob. 6DQ Ch. 13 - Prob. 7DQ Ch. 13 - Prob. 8DQ Ch. 13 - Prob. 9DQ Ch. 13 - Prob. 10DQ Ch. 13 - Prob. 11DQ Ch. 13 - Prob. 12DQ Ch. 13 - Prob. 13DQ Ch. 13 - Prob. 14DQ Ch. 13 - Prob. 15DQ Ch. 13 - Prob. 16DQ Ch. 13 - Prob. 17DQ Ch. 13 - Gomez Company had a current ratio of 2.0 in 2018...Ch. 13 - Prob. 1E Ch. 13 - Prob. 2E Ch. 13 - The worksheet of Bridgets Office Supplies contains...Ch. 13 - Prob. 4E Ch. 13 - Prob. 5E Ch. 13 - Prob. 6E Ch. 13 - Prob. 7E Ch. 13 - The Adjusted Trial Balance section of the...Ch. 13 - Prob. 9E Ch. 13 - Prob. 10E Ch. 13 - Superior Hardwood Company distributes hardwood...Ch. 13 - Good to Go Auto Products distributes automobile...Ch. 13 - Obtain all data necessary from the worksheet...Ch. 13 - Obtain all data that is necessary from the...Ch. 13 - Prob. 5PA Ch. 13 - ComputerGeeks.com is a retail store that sells...Ch. 13 - Hog Wild is a retail firm that sells motorcycles,...Ch. 13 - Prob. 3PB Ch. 13 - Prob. 4PB Ch. 13 - The data below concerns adjustments to be made at...Ch. 13 - Programs Plus is a retail firm that sells computer...Ch. 13 - Teagan Fitzgerald is the owner of Newport Jewelry,...Ch. 13 - Prob. 1MF Ch. 13 - Spectrum Company had an increase in sales and net...Ch. 13 - Prob. 3MF Ch. 13 - Prob. 4MF Ch. 13 - Prob. 5MF Ch. 13 - Prob. 6MF Ch. 13 - Prob. 7MF Ch. 13 - It is standard accounting procedures, or GAAP, to...Ch. 13 - McCormick Company, Incorporated, is a global...Ch. 13 - The Fashion Rack is a retail merchandising...

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Century 21 Accounting General Journal
Accounting
ISBN:9781337680059
Author:Gilbertson
Publisher:Cengage
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning