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Help with statement of owner's equity and balance sheet? Based on the preceding spreadsheet, prepare a statement of owner's equity for Paoli Consulting. If a
Help with statement of owner's equity and balance sheet?
Based on the preceding spreadsheet, prepare a statement of owner's equity for Paoli Consulting. If a net loss is incurred or Mary Paoli, Drawing were paid, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank. Paoli Consulting Statement of Owner's Equity For the Year Ended March 31, 20Y9 Line Item Description Amount Mary Paoli, capital, April 1, 20Y8 1,960,000 Additional investment by owner 15,000 V Net income for the year 565,000 V Withdrawals - 30,000 V Mary Paoli, capital, March 31, 2019 2,610,000 X Feedback Check My Work Based on the preceding spreadsheet, prepare a balance sheet for Paoli Consulting. Paoli Consulting Balance Sheet March 31, 20Y9 Line Item Description Amount Amount Amount Assets Current assets: Cash 162,500 V Accounts receivable 304,500 Supplies - 5,000 Total current assets 472,000 V Property, plant, and equipment: Land - V 1,400,000 V Building v 850,000 V Accumulated depreciation -72,000 V Depreciation expense _ x 12,000 X Total property, plant, and equipment 2,178,000 V Total assets 2,650,000 Liabilities Current liabilities: Accounts payable 36,500 Salaries payable 18,500 Total liabilities 55,000 V Owner's Equity Mary Paoli, capital 2,610,000 X Total liabilities and owner's equity $ 2,665,000 XStep by Step Solution
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