Homework Answers
To calculate Owner's Equity at December 31,2019 firstly we will prepare Income Statement and then Statement of Owner's Equity.
Calculations of Net Income:-
Spiffy Garage
Income Statement
For the Year Ended December 31,2019
| Accounts | Amount | Amount |
|---|---|---|
| Service Revenue | $12,800 | |
| Less:- Expenses | ||
| Salary Expense | $4,500 | |
| Repairs Expense | 800 | |
| Supplies Expense | 1,600 | |
| Gasoline Expense | 800 | |
| Total Expenses | ($7,700) | |
| Net Income | $5,100 | |
Spiffy Garage
Statement of Owner's Equity
For the Year Ended December 31,2019
| Accounts | Amount |
|---|---|
| Spiffy Sloan, Capital, Beginning | $22,600 |
| Add:- Net Income | 5,100 |
| $27,700 | |
| Less:- Withdrawals | (5,000) |
| Spiffy Sloan, Capital, Ending | $22,700 |
So the Owner's Equity at December 31,2019 is $22,700.
Answer is Option First $22,700.
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