Given the Adjusted Trial Balance for the Stoney Creek Resort $\quad$

question 115

Essay

Given the adjusted trial balance for the Stoney Creek Resort, prepare the statement of owner's equity for the year ended December 31, 2019. There were no owner investments during the year. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {Stoney Creek Resort}$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {Adjusted Trial Balance}$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {December 31, 2019}$
$\begin{array} { l r r } & \text { Debit } & \text { Credit } \\ \text { Cash } & \$ 15,000 & \\ \text { Accounts receivable } & 30,000 & \\ \text { Supplies } & 3,200 & \\ \text { Prepaid insurance } & 7,500 & \\ \text { Land } & 40,000 & \\ \text { Building } & 160,000 & \\ \text { Accum. amortization-building } & & \$ 12,000 \\ \text { Equipment } & 75,000 & \\ \text { Accum. amortization-equipment } & & 8,500 \\ \text { Accounts payable } & & 12,000 \\ \text { Salary payable } & & 2,000 \\ \text { Unearned service revenue } & & 25,000 \\ \text { Mortgage payable } & & 100,000 \\ \text { Douglas Reycraft, Capital } & & 60,000 \\ \text { Douglas Reycraft, Withdrawals } & 23,000 & \\ \text { Service revenue } & & 257,200 \\ \text { Salary expense } & 65,000 & \\ \text { Utilities expense } & 24,000 & \\ \text { Insurance expense } & 13,000 & \\ \text { Amortization expense-building } & 9,000 & \\ \text { Amortization expense-equipment } & 3,000 & \\ \text { Supplies expense } & 9,000 & \underline{\quad\quad} \\ \text { Total } &\underline{ \underline{\$ 476,700}} &\underline{\underline{ \$ 476,700}} \end{array}$

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Definitions:

Calcite

A common mineral form of calcium carbonate, critical in the formation of limestone and marble, and involved in many geological processes.

Metamorphosed Fossils

Fossils that have undergone metamorphism, altering their original form and composition due to heat and pressure.

Axial Surface

An imaginary surface connecting all the hinge lines of a fold or a series of folds, often perpendicular to the direction of the fold.

Moderately Inclined

Describes a structure, surface, or geological feature that is tilted or sloped at a gentle to moderate angle.