Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2018, Marcie Davies, Capital had a balance of $615,300. During the year, Marcie invested an additional $45,000 and withdrew $14,500. For the year ended December 31, 2018, Gemini Advertising Services reported a net income of $94,220. 1. Prepare a statement of owner’s equity for the year ended December 31, 2018. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2018, Marcie Davies, Capital had a balance of $615,300. During the year, Marcie invested an additional $45,000 and withdrew $14,500. For the year ended December 31, 2018, Gemini Advertising Services reported a net income of $94,220. 1. Prepare a statement of owner’s equity for the year ended December 31, 2018. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2018, Marcie Davies, Capital had a balance of $615,300. During the year, Marcie invested an additional $45,000 and withdrew $14,500. For the year ended December 31, 2018, Gemini Advertising Services reported a net income of $94,220.
1. Prepare a statement of owner’s equity for the year ended December 31, 2018. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
| Labels | |
| December 31, 2018 | |
| For the Year Ended December 31, 2018 | |
| Amount Descriptions | |
| Additional investment during 2018 | |
| Decrease in owner’s equity | |
| Increase in owner’s equity | |
| Withdrawals | |
| Marcie Davies, capital, January 1, 2018 | |
| Marcie Davies, capital, December 31, 2018 | |
| Net income | |
| Net loss |
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