Question

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Equipment (c) 64,000 Cash (a) 174,000 (b) 30,000 (d) 14,000 (e) 540 (g) 1,400 (h) 9,400 (i) 3,400 Accounts Receivable (f) 11,200 (g) 1,488 Accounts Payable (c) 64,000 Supplies (b) 30,000 Scott Hamilton, Capital (a) 174,000 Fees Income (d) 14,000 (f) 11,200 Telephone Expense (e) 540 Scott Hamilton, Drawing (i) 3,400 Salaries Expense (h) 9,400 Required: Prepare a statement of owner's equity and a balance sheet for Residential Relocators as of December 31, 20XL Complete this question by entering your answers in the tabs below. Stmt of Balance Owners Sheet Prepare a statement of owner's equity for Residential Relocators as of December 31, 20X1. RESIDENTIAL RELOCATORS Statement of Owner's Equity Month Ended December 31, 20X1 0 0 $ Stmt of Owners Eqty Balance Sheet >

Answer 1

RESIDENTIAL RELOCATORS

Statement of owner's equity

December 31,20X1

Scott Hamilton, Capital		174000
Net income	15260
Scott Hamilton, Drawings	-3400
Increase in Scott Hamilton, Capital		11860
Scott Hamilton, Capital, December 31,2021		185860

RESIDENTIAL RELOCATORS

Balance sheet

December 31

Assets		Liabilities
Cash	146060	Account payable	64000
Account receivable	9800	Total liabilities	64000
Supplies	30000	Owner's equity
Equipment	64000	Scott Hamilton, Capital	185860
Total assets	249860	Total liabilities and owner's equity	249860