Merian Company Has Just Completed Operations for the Year Ended

question 55

Essay

Merian Company has just completed operations for the year ended December 31,2018.This is the second year of operations for the company.The company is a sole proprietorship.The following data have been assembled for the business at December 31,2018.
$$\begin{array} { | l | r|r | r | } \hline \text { Accounts Payable } & \$ 12,200 & \text { Office Expense } & \$ 6,500 \\\hline \text { Accounts Receivable } & 14,500 & \text { Rent Expense } & 9,600 \\\hline \text { Cash } & 8,200 & \text { Merian, Capital, Jan. 1,2018 } & 17,300 \\\hline \text { Merian, Withdrawals } & 13,500 & \text { Salaries Expense } & 36,000 \\\hline \text { Equipment } & 15,000 & \text { Service Revenue } & 84,000 \\\hline \text { Insurance Expense } & 4,000 & \text { Utilities Expense } & 6,200 \\\hline\end{array}$$ Prepare the statement of owner's equity for the year.There were no new capital contributions during the year.Use a proper heading.

---

Definitions:

Masters and Johnson

Refer to William Masters and Virginia E. Johnson, American sexologists known for their pioneering research into the nature of human sexual response and the diagnosis and treatment of sexual disorders.

Subjective Well-being

An individual's own assessment of their happiness and satisfaction with life.

Life Satisfaction

A measure of how individuals evaluate the overall quality of their life as a whole based on their own standards and expectations.

Personal Perceptions

Individual interpretations or understandings of sensory information, influenced by personal experiences, beliefs, and biases.