Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Dalton Hair Stylists's adjusted trial balance and income statement follow. Prepare Dalton's statement of owner's equity for the year ended December 31, 2018. Assume the
Dalton Hair Stylists's adjusted trial balance and income statement follow. Prepare Dalton's statement of owner's equity for the year ended December 31, 2018. Assume the owner made no contributions during the year. (Click on the icon to view the adjusted trial balance.) (Click on the icon to view the income statement.) Prepare the statement of owner's equity. Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Exclude any zero-balance events for the period from the statement of owner's equity.) Dalton Hair Stylists Statement of Owner's Equity Year Ended December 31, 2018 Dalton, Capital, January 1, 2018 Dalton Canital December 31 2018 December 31, 2010 Balance Account Title Debit Credit Cash $ 1,300 Accounts Receivable 1,500 1,800 20,900 $ 2,200 400 Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Interest Payable Notes Payable Dalton, Capital Dalton, Withdrawals 500 3,100 16,150 1,400 Service Revenue 13,800 3,900 Rent Expense Supplies Expense Depreciation Expense-Equipment 850 2,200 2,300 Interest Expense $ 36,150 $ 36,150 Total Dalton Hair Stylists Income Statement Year Ended December 31, 2018 Revenues: Service Revenue $ 13,800 3,900 Expenses: Rent Expense Interest Expense Depreciation Expense-Equipment 2,300 2,200 850 Supplies Expense Total Expenses 9,250 $ Net Income (Loss) 4,550
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started