The Adjusted Trial Balance Data Given Below Is from the Hampton

question 84

Essay

The adjusted trial balance data given below is from the Hampton Company's worksheet for the year ended December 31, 2014. The firm had net income of $38,000 for the year. Prepare a statement of owner's equity for the year. No additional investments were made during the period. $$\begin{array}{l}\text { ADJUSTED TRIAL BALANCE }\\\begin{array} { | l | r | r | } \hline { \text { ACCOUNT NAME } } & \text { DEBIT } & { \text { CREDIT } } \\\hline \text { Lloyd Hampton, Capital (Jan. 1) } & & 62,000 \\\hline \text { Lloyd Hampton, Drawing } & 31,500 & \\\hline\end{array}\end{array}$$

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Definitions:

Cephalopods

A class of mollusks that includes octopuses, squids, cuttlefish, and nautiluses, characterized by bilateral body symmetry, a prominent head, and a set of arms or tentacles.

Invertebrates

Animals that lack a vertebral column or backbone, including species such as insects, mollusks, and arachnids.

Bilateral Symmetry

A body plan in which an organism can be divided into two equal halves along a single plane, characteristic of many animals.

Radula

A unique anatomical feature found in mollusks, consisting of a chitinous ribbon-like structure used for feeding by scraping or cutting food.