The entry to close the dividends account at the end of the year:
It is given that Canopy services paid k. Canopy, the sole shareholder of canopy services, $5,700 in dividends during the current year. The entry to close the dividends account at the end of the year shall be as follows:
Dec. 31, Year;
Retained earnings Debit $5,700
Dividends Credit $5,700
(Being dividends closed to retained earnings)
The Owner's Equity statement illustrates the capital account changes due to contributions, withdrawals, net income, or a net loss. So Ending Balance of the statement of changes in Owner's equity will be; Opening capital + Capital Added + Net Income - Owner's Withdrawals.
A one-page report titled a "statement of owner's equity" compares all assets and liabilities to determine the owner's equity's overall value. The snapshot, which is tracked over a predetermined time period or accounting period, depicts the flow of cash through a company.
Owner's equity is simply the difference between the owner's initial investment in the business and any withdrawals made by the owner. For instance: A real estate project with a value of $500,000 and a loan balance of $400,000 would have $100,000 in owner's equity.
Learn more about owner's equity here
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Answer:
Shareholder
Explanation:
A person or business that’s is a partial owner of a company
Answer:
Either A or E (probably more A)
Hope this helps :)
