Presented here are the accounts of Gate City Answering Service for the year ende

Question

Presented here are the accounts of Gate City Answering Service for the year ended December 31, 2012.

Land $8,000 Owner investment, 2012 $28,000

Note payable 32,000 Accounts payable 11,000

Property tax expense 2,600 Accounts receivable 1,000

Wayne, drawing 30,000Advertising expense 15,000

Rent expense 13,000 Building 145,200

Salary expense 65,000 Cash 3,000

Salary payable 1,300 Equipment 16,000

Service revenue 192,000 Insurance expense 2,500

Supplies 10,000 Interest expense 7,000

Waynce, capital,12/31/2011 54,000

Requirements

2. Prepare the statement of owner's equity

Req. 2 Gate City Answering Service Statement of Owner's Equity Year Ended December 31, 2012 Waynce, capital, 12/31/2011 $ 54,000 Net income 192,000 246,000 Drawings Wayne, capital, December 31, 2012 $ 246,000

Explanation / Answer

Waynce, capital,12/31/2011 54,000 Owner Investment 28,000 Net Income 86,900 Drawings 30,000 Waynce, capital, 12/31/2012 138,900 (54000+28,000+86900-30000)

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