assig4 question 4

Serenity Systems Co. offers its services to residents in the Minneapolis area. Selected accounts from the ledger of Serenity Systems Co. for the fiscal year ended December 31, 20Y1, are as follows: Farhan Wasti, Capital Dec. 31 78,000 Jan. 1 (20Y1) 1,334,000 Dec. 31 347,000 Farhan Wasti, Drawing Mar. 31 19,500 Dec. 31 78,000 June 30 19,500 Sept. 30 19,500 Dec. 31 19,500 Required: Prepare a statement of owner's equity for the year. No additional investments were made during the year. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. If a net loss has been incurred or there has been a decrease in owner's equity, enter that amount as a negative number using a minus sign. Labels December 31, 20Y1 For the Year Ended December 31, 20Y1 Amount Descriptions Decrease in owner's equity Farhan Wasti, capital, December 31, 20Y1 Farhan Wasti, capital, January 1, 20Y1 Increase in owner's equity Net income Net loss Withdrawals Statement of Owner's Equity Prepare a statement of owner's equity for the year. No additional investments were made during the year. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. If a net loss has been incurred or there has been a decrease in owner's equity, enter that amount as a negative number using a minus sign. Serenity Systems Co. Statement of Owner's Equity (Label) 1 2 3 4 5