EX 4-9 Statement of owner’s equity; net loss

Selected accounts from the ledger of Weird Sports for the current fiscal year ended June 30, 2014, are as follows:


Paige Demar, Capital Paige Demar, Drawing
June 30 20,900 July 1 (2013) 115,800 Sept. 30 6,000 June 30 24,000
 30 24,000 Dec. 31 6,000
March 31 6,000
June 30 6,000



Income Summary
June 30 201,400 June 30 180,500
 30 20,900




Prepare a statement of owner’s equity for the year.


Answer:

WEIRD SPORTS
Statement of Owner’s Equity
For the Year Ended June 30, 2014
Paige Demar, capital, July 1, 2013 $115,800
Net loss $20,900
Plus withdrawals 24,000
Decrease in owner’s equity 44,900
Paige Demar, capital, June 30, 2014 $ 70,900