Prepare a statement of owner's equity for the year ended December 31,2018

Marcie davies owns and operates gemini advertising services.on January 1,2018 Marcie Davies Capital had a balance of $6,18,500.During the year,Marcie invested an additional $40,000 and withdrew $15,000.For the year ended December 31,2018,Gemini advertising services reported a net income of $92,330.Prepare a statement of owner's Equity for year ended december 31,2018

Expert Solution

Statement of owner's Equity : This statement shows the beginning owner's equity as well as all of the changes that led to the ending owner's equity. To arrive at the result, additional capital, net income from the income statement is added to and drawings are deducted from the beginning owner's equity.

Gemini Advertising Services

Statement of Owner's Equity

For the year ended December 31,2018

Particulars	Amount$	Amount$
Marcie Davies Capital		6,18,500
Add : additional investment during 2018	40,000
Net income	92,330
Less : Drawings	15,000
Increase in Owner's Equity		1,17,330
Marice Davies Capital		$7,35,830

Therefore, the statement of owner's Equity of Gemini advertising services for the year ended December 31,2018 is $7,35,830

balaji rao answered 2 years ago

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