Wendy McGee, capital, Oct. 31, 2014: $517,000 EX 4-8 Statement of owner\'s equit

Question

Wendy McGee, capital, Oct. 31, 2014: $517,000 EX 4-8 Statement of owner's equity OBJ. 2 Well Systems Co. offers its services to residents in the Dallas area. Selected accounts from the ledger of Well systems Co. for the current fiscal year ended October 31, 2014, are as follows: Wendy McGee, Capital Wendy McGee, Drawing Oct. 31 48,000 Nov. 1 (2013) 475,000 Jan. 31 12,000 Oct. 31 48,000 Oct. 31 90,000 Apr. 30 12,000 July 31 12,000 Oct. 31 12,000 Income Summary Oct. 31 270,000 Oct. 31 360,000 90,000 Prepare a statement of owner's equity for the year

Explanation / Answer

Statement of Owners Equity

Particulars amount in $ balance beginning of the year $475,000 Capital contributed during the year Nil Profit for the year $90,000 Drawings ($48,000) balance at end of the year $517,000

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