Ask Experts Questions for FREE Help !
Ask
    Tammy70's Avatar
    Tammy70 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Oct 1, 2012, 04:33 PM
    Owners equity statement net loss
    I have been given 3 T accounts to pull my information from. I think this would be right can anyone tell me for sure?

    Capital July 1 2011 398,500
    Investments during the year 0
    Net loss for the year 42,000

    Less withdrawals 10,000
    Decrease in owners capital 52,000

    Owners capital June 30,2012 346,5000





    My teacher counts off if the form is wrong I really need to get this right desperate for help.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Oct 1, 2012, 08:46 PM
    Aside from the extra zero that would appear correct
    Tammy70's Avatar
    Tammy70 Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Oct 2, 2012, 07:55 AM
    So I should take out : investments during the year 0
    Then it would be correct?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #4

    Oct 2, 2012, 03:52 PM
    No 346,5000 has too many zero's making your answer mathematically incorrect
    Tammy70's Avatar
    Tammy70 Posts: 3, Reputation: 1
    New Member
    		  
    #5

    Oct 2, 2012, 05:04 PM
    Quote Originally Posted by paraclete View Post
    no 346,5000 has too many zero's making your answer mathematicallyth incorrect
    Thank you for the help
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Would a net loss be added or subtracted to the statement of owners equity? [ 1 Answers ]

Income statement, owners equity statement and balance sheet [ 6 Answers ]

Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E") Purchases………………... E250,000 Freight In……………… E8,000 Sales discounts…………. 4,000 Purchase returns…….. 7,000 Inventory Sales…………………. ...

Statement of owners equity [ 1 Answers ]

What do I do when I have a net income that is a loss in the statement of owners equity, I am to add or subtract it from capital at beginning.

Income statement: What impact has a loss on OE owners equity? [ 1 Answers ]

Income statement: What impact has a loss on OE owners equity? As profts split up in "ADDITION TO RTETAINED EARNINGS" summed to the OE, and "DIVIDENDS", What happens if I have a loss? No dividends, OK. But, what about OE?

View more questions Search