Question

Question of E1 -32

ilson Towing Service for the month ending 1. Prepare the incon June 30, 2018. 2. What does the income starement report? E1-32 Preparing the statement of owner's equity Learning Objective 5 Requirements 1. Prepare the statement of owner's equity for Wilson Towing Service for the month Ending Capital $22,450 ending June 30, 2018. Assume Wilson contributed $11,000 during June. What does the statement of owner's equity report? ive 5 Use the following information to answer Exercises El-34 through EI-36. The assets, liabilities, and equities of Damon Design Studio have the following bal- ances at December 31, 2018. The owner, Eric Damon, began the year with a $39,000 capital balance, contributed $13,000, and withdrew $57,000 during the year. 14,000 Office Furniture 23,000 Utilities Expense 3,200 Accounts Payable 5,100 Service Revenue 65,000 Accounts Receivable 2,200 Miscellaneous Expense $48,400 7,200 3,600 154,600 9,300 3,800 Notes Payable Rent Expense Cash Office Supplies Salaries Expense Property Tax Expense

Answer 1

statement of owners equity
Common stock		11000
retained earning		0
Year end balance in shareholders equity		11000
Statement of owners equity explains the availability of stockholders funds in the company. It explains how much of funds common stockholders and preferred stock holders have invested and how much of free profits, are earned on invested capital