Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $19,130 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: $ 11,500 I. Lawson, Withdrawals 5,800 Services revenue Rent expense $ 2,800 15,900 3,300 8,000 Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital 4,170 Wages expense 19,130 the above information to prepare a December statement wner's equity for Lawson Consulting. Hint. Net income for ember is $4,600. LAWSON CONSULTING Statement of Owner's Equity
Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $19,130 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: $ 11,500 I. Lawson, Withdrawals 5,800 Services revenue Rent expense $ 2,800 15,900 3,300 8,000 Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital 4,170 Wages expense 19,130 the above information to prepare a December statement wner's equity for Lawson Consulting. Hint. Net income for ember is $4,600. LAWSON CONSULTING Statement of Owner's Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Statement of owner's equity gives information about the changes in the owner's capital account. Owner's capital account is increased by the net income and new investment and decreased by net loss and owner's withdrawals.
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