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nignag [31]
3 years ago
12

Hannah Roberts owns and operates Hannah's Pool Service Company. On January 1, Hannah Roberts, Capital had a balance of $309,170.

During the year, Hannah invested an additional $22,040 and withdrew $39,010. For the year ended December 31, Hannah's Pool Service Company reported a net income of $55,080.
Prepare a statement of owner's equity for the year ended December 31. Hannah's Pool Service Company Statement of Owner's Equity For the Year Ended December 31.
Business
1 answer:
Delicious77 [7]3 years ago
8 0

Answer:

                  Hannah's Pool Service Company

Statement of owner equity for the year ended December 31

               Particulars                                Amount

Capital (January 1)                                              $309,170

Investment during the year       $22,040

Net Income                                 $55,080

Withdrawals during the year     (-<u>$39,010</u>)

Increase in the owner equity                              <u>$38,110</u>

Capital (December 31)                                       <u>$347.280</u>

<u>Workings</u>

a. Increase in the owner equity = Investment during the year + Net income - withdrawal during the year

=$22040+$55080 -$39010

=$38110

b. Capital (December 31) = Capital on January 1 + Increase in owner equity

=$309170 +$38110

=$347280

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Accumulated Depreciation           3,619,000

Building M                                       3,741,000

Cash                                                1,059,000

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  Gain on Disposal                                                             819,000

<u><em>To record the exchange of Building 24 for Building M from Waterway Co. </em></u>

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The journal entries will look as follows:

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  Cash                                                                              1,059,000

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