question archive Cerage W 2 Online teacher x C A https:/N2
Cerage W 2 Online teacher x C A https:/N2
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Cerage W 2 Online teacher x C A https:/N2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-atakeAssignmentSessionLocator=&inpro... ? Print Item 3 Hannah Roberts owns and operates Hannah's Pool Service Company. On January 1, Hannah Roberts, Capital had a balance of $302,650. During the year Hannah invested an additional $27,610 and withdrew $39,290. For the year ended December 31, Hannah's Pool Service Company reported a net income of $64,790 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 cre to search o G C D MAM . op
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Solution to the Problem:
Statement of owner's Equity shows the changes in capital account due to additional contributions, withdrawals and net income.
Capital is increased by onwer'c contribution and income, decreased by withdrawals and expenses.
| Opening Capital Balance | $302,650.00 | |
| Add: Additional Contribution made | $27,610.00 | |
| Less: Drawings | -$39,790.00 | |
| Add: Net Income | $64,790.00 | $52,610.00 |
| Closing balance of Capital | $355,260.00 |
