Prepare a Statement of Owner's Equity for the Year Ended

question 53

Essay

Prepare a statement of owner's equity for the year ended December 31,2012 from the adjusted trial balance below.
Deavours Photography Company
Adjusted Trial Balance
December 31,2012
$\begin{array}{|l|r|r|} \hline& & \\\hline \text { Accounts } & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 2,000\\\hline \text { Prepaid insurance } & 2,000 \\\hline \text { Office supplies } & 600 \\\hline \text { Office equipment } & 16,000 \\\hline \text { Accumulated depreciation } & & \$ 3,000 \\\hline \text { Accounts payable } & & 5,000 \\\hline \text { Salaries payable } & & 900 \\\hline \text { Unearned servicerevenue } & & 2,500 \\\hline \text { C. Devours, capital } & & 7,450 \\\hline \text { C. Devours, drawing } & 5,600 & \\\hline \text { Service revenue } & & 15,350 \\\hline \text { Salaries expense } & 4,600 &\\\hline \text { Depreciation expense } & 1,000 & \\\hline \text { Supplies expense } & 400 & \\\hline \text { Insurance expense } & 2,000 & \\\hline \text { Totals } & \$ 34,200 & \$ 34,200\\\hline\end{array}$

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Definitions:

Age Range

a category of people of a similar age used for statistical, developmental, or marketing purposes.

Genetically Determined Nature

The aspects of an organism's physical and behavioral traits that are encoded in its DNA and inherited from its parents.

Nurture

The influence of environmental factors on an individual's development, including upbringing, culture, and life experiences.

Genetic Makeup

The unique combination of genes inherited from both parents that determines the characteristics of an individual organism.