Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2019, are as follows:
Doug Stone, Capital Doug Stone, Drawing
Apr. 30 31,200 May 1 (2018) 475,500 Sept. 30 1,250 Apr. 30 5,000
30 5,000 Dec. 31 1,250
Mar. 31 1,250
June 30 1,250
Prepare a statement of owner’s equity for the year.
Answers:
Doug Stone, capital, May 1, 2018$475,500
Net loss$(31,200)
Withdrawals(5,000)
Decrease in owner’s equity(36,200)
Doug Stone, capital, April 30, 2019$439,300