(L. OBJ. 6) Preparing the statement of owner s equity [10-15 min]
Mountain Fresh Interiors began the year with capital of $18,000. On July 12, Mountain Fresh received owner investment of $12,000 cash. The income statement for the year ended December 31, 2011, reported net income of $64,000. During this fiscal year, T. English withdrew $5,000 each month.
Requirement
1. Prepare Mountain Fresh Interiors’ statement of owner’s equity for the year ended December 31, 2011.
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