E1-32

Learning Objective 5 E1-32 Preparing the statement of owner's equity Requirements 1. Prepare the statement of owner's equity for Wilson Towing Service for the month Ending Capital $22,450 ending June 30, 2018. Assume Wilson contributed $11,000 during June. 2. What does the statement of owner's equity report? E1-33 Preparing the balance sheet Learning Objective5 Requirements 1. Prepare the balance sheet for Wilson Towing Service as of June 30, 2018. 2. What does the balance sheet report? Total Assets $37,250 Use the following information to answer Exercises El-34 through EI-36. The assets, liabilities, and equities of Damon Design Studio have the following bal- ances at December 31,2018. The owner, Eric Damon, began the year with a $39,000 capital balance, contributed $13,000, and withdrew $57,000 during the year. Notes Payable Rent Expense Cash Office Supplies Salaries Expense Property Tax Expense 14,000 Office Furniture 23,000 Utilities Expense 3,200 Accounts Payable 5,100 Service Revenue 65,000 Accounts Receivable 2,200 Miscellaneous Expense $ 48,400 7,200 3,600 154,600 9,300 3,800 E1-34 Preparing the income statement Learning Objective 5 Prepare the income statement for Damon Design Studio for the year ending December 31, 2018. Net Income $53,400