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In: Accounting

The adjusted trial balance of Jesper Company at December 31, 2008 includes the following accounts: L....

The adjusted trial balance of Jesper Company at December 31, 2008 includes the following accounts: L. Jesper, Capital $12600; L. Jesper, Drawing $6000; Service revenue $35000; Salaries expense $13000; Insurance expense $2000; Rent expense $3500; Supplies Expense $500; and Depreciation Expense $1000. Prepare an owner's equity statement for the year.

Solutions

Expert Solution

   Statement owner's equity for the year is as follows:

                                  Jesper Company

   Income statement for the year ended December 31, 2008

$ $
Service Revenue    35,000
Less: Operating Expenses
Salaries expenses        13,000
Insurance Expenses          2,000
Rent expenses          3,500
Supplies Expenses            500
Depreciation Expenses          1,000
Total Operating Expenses       (20,000)
Net Income       $15,000

                               

                               Jesper Company

   Statement of equity for the year ended December 31, 2008

$
Capital Balance Begining         12,600
Drawing         (6,000)
Net Income         15,000
Capital Balance Ending        $21,600

ekkarill92 answered 2 years ago
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