Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2013, Blake Knudson, Capital had a balance of $918,000. During the year, Blake made no additional investments and withdrew $15,000. For the year ended December 31, 2013, Grab Bag Delivery Services reported a net loss of $43,500. Prepare a statement of owner’s equity for the year ended December 31, 2013.
Answer:
Grab Bag Delivery Services
Statement of Owner’s Equity
For the Year Ended December 31, 2013
Blake Knudson, capital, January 1, 2013 $918,000
Net loss $43,500
Add withdrawals 15,000
Decrease in owner’s equity 58,500
Blake Knudson, capital, December 31, 2013 $859,500
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