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Prepare a statement of owners equity for 2020. Help how to figure out what is the owner original capital? Is it supposed to be 0
Prepare a statement of owners equity for 2020.
Help how to figure out what is the owner original capital? Is it supposed to be 0 instead of what was given?
RIVERBED TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $33.500 47,400 $3,050 Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance 3.180 1.600 Equipment 33,000 Accumulated Depreciation-Equipment 4,000 Notes Payable 9,600 45,090 95,410 7,800 Owner's Capital Service Revenue Rent Expense Salaries and Wages Expense Utilities Expenses Office Expense 28.750 1.280 640 $157.150 $157.150 1. 2 3. 4. Fees received in advance from clients 56.000, which were recorded as revenue. Services performed for clients that were not recorded by December 31, 55,900. Equipment is being depreciated at 8% per year. Bad debt expense for the year is $1.440. Insurance expired during the year $500 Riverbed gave the bank a 90-day, 5% note for $9.500 on December 1, 2020 Rent of the building is $500 per month. The rent for 2020 has been paid as has that for January 2021 Office salaries and wages earned but unpaid December 31, 2020. 51.520. 5. 7. 8. Civerbed withdrew $12,000 cash for personal use during the year. Prepare a statement of owner's equity for 2020. (List items that increase owner's equity first.) RIVERBED Statement of Owners' Equity For the Year Ended December 31, 2020 Onwer's Capital, January 1 $ 45,090 Add : Net Income /(Loss) 51300 Less Owner's Drawings 12.000 i Owner's Capital, December 31 $ 84390 e Textbook and Media Assistance UsedStep by Step Solution
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