(a) The statement of owner's equity for Year 1 is $26,920
(b) The statement of owner's equity for Year 2 is $52,720
(a) Preparation of the statement of owner's equity for Year 1 at its December 31 year end.
JARVIS statement of owner's equity for year ended December 31 Year 1
Owner investment $12,400
Add Net income $ 33,600
Less Jarvis, Withdrawals ($ 19,080)
Statement of owner's equity for Year 1 $26,920
(b) Preparation of the statement of owner's equity for Year 2 at its December 31 year end.
JARVIS statement of owner's equity for year ended December 31 Year 2
Owner investment $12,400
Add Net income $ 56,000
Less Jarvis, Withdrawals $ 15,680
Statement of owner's equity for Year 2 $52,720
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