Asked by Imani Devaughn on May 20, 2024
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The assets and liabilities of Rocky's Day Spa on December 31 and its revenue and expenses for the year are listed below. The capital of the owner is $68,000 on January 1. The owner invested an additional $10,000 during the year.? Accounts payable $4,375 Spa operating expense $23,760 Accounts receivable 8,490 Office expense 2,470 Cash 13,980 Spa supplies 9,230 Fees earned 98,435 Wages expense 26,580 Spa furniture and equipment 56,000 Drawing 38,170 Computers 2,130\begin{array} { | l | r | l | r | } \hline \text { Accounts payable } & \$ 4,375 & \text { Spa operating expense } & \$ 23,760 \\\hline \text { Accounts receivable } & 8,490 & \text { Office expense } & 2,470 \\\hline \text { Cash } & 13,980 & \text { Spa supplies } & 9,230 \\\hline \text { Fees earned } & 98,435 & \text { Wages expense } & 26,580 \\\hline \text { Spa furniture and equipment } & 56,000 & \text { Drawing } & 38,170 \\\hline \text { Computers } & 2,130 & & \\\hline\end{array} Accounts payable Accounts receivable Cash Fees earned Spa furniture and equipment Computers $4,3758,49013,98098,43556,0002,130 Spa operating expense Office expense Spa supplies Wages expense Drawing $23,7602,4709,23026,58038,170 Prepare a statement of owner's equity for the current year ended December 31.
Owner's Equity
The amount of ownership interest in a business, represented by the company's assets minus its liabilities.
Statement of Owner's Equity
A financial document that details the changes in the equity of a company over a specific period, including investments, withdrawals, and earnings.
- Assemble basic financial statements, comprising income statements, balance sheets, and statements of the owner’s equity.
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Learning Objectives
- Assemble basic financial statements, comprising income statements, balance sheets, and statements of the owner’s equity.
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