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

Blake Knudson owns and operates Grab bag delivery services. On january 1,2018,blake knudson,capital had a balance of $9,18,000. During the year,Blake made no additional investments and withdrew $15,000.For the year ended December 31,2018.Grab bag delivery services reported a net loss of $43,500.Prepare a statement of owner's Equity for the 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.

Grab Bag Delivery Services

Statement of Owner's Equity

For the year ended December 31,2018

Particualrs	Amount$	Amount$
Blake knudson Capital January 1,2018		9,18,000
Less : Net loss	43,500
Less : Drawings	15,000
Decrease in owner's equity		(58,500)
Blake knudson capital ,December 31,2018		8,59,500

Therefore, the statement of owner's equity of Grab bag delivery services for the year ended december 31,2018 is $8,59,500

balaji rao answered 2 years ago

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