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On December 31, Hawkin's records show the following accounts.
Cash $ 8,300
Accounts Receivable 1,100
Supplies 2,800
Equipment 15,100
Accounts Payable 7,600
Hawkin, Capital, December 1 17,600
Hawkin, Withdrawals 2,100
Services Revenue 17,600
Wages Expense 8,000
Rent Expense 3,100
Utilities Expense 2,300
Use the above information to prepare a statement of owner's equity for Hawkin for the month ended December 31.

Answer :

ayokenny2001

Preparation of statement of owner's equity for Hawkin for the month ended December 31.

What is owner's equity?

Owner's equity is the  amount of money that would be returned to a company's shareholders if all of the assets were liquidated and all of the company's debt was paid off in the case of liquidation.

Owner's Equity = Assets – Liabilities

Assets

Cash $ 8,300

Accounts Receivable 1,100

Supplies $2,800

Equipment 15,100

Total Assets                          $27,300

Liabilities

Accounts Payable 7,600

Withdrawals  2,100

Total liabilities                      ($9,700)

Owner's equity                    $17,600

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