E4-19 Selected accounts of Guitars by Peter for the year ended December 31, 2012, follow:

Price: $2.99

E4-19 Preparing a statement of owner’s equity [5-10 min]

Selected accounts of Guitars by Peter for the year ended December 31, 2012, follow:

Peter, Capital

Clo Jan 1

Clo

Bal

31,000 152,000

120,000

241,000

Peter, Drawing

Mar 31

Jun 30

Sep 30

Dec 31

Bal Clo

10,000

7,000

8,000

6,000

31,000 31,000

Income summary

Clo

Clo

Clo

Bal

100,000

120,000

220,000

120,000

Requirement

1. Prepare the company’s statement of owner’s equity for the year.