Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2018, 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, 2018, Grab Bag Delivery Services reported a net loss of $43,500. Prepare a statement of owner’s equity for the year ended December 31, 2018.
Answer:
GRAB BAG DELIVERY SERVICES
Statement of Owner’s Equity
For the Year Ended December 31, 2018
Blake Knudson, capital, January 1, 2018$918,000
Net loss$(43,500)
Withdrawals(15,000)
Decrease in owner’s equity(58,500)
Blake Knudson, capital, December 31, 2018$859,500
