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Prepare a statement of owners equity for vpc inn

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Reference no: EM132547190

Question - The VPC Inn'S activities for 20X1 and 20X2 that affect the Ted Dichupa, Capital account are as follows:

 

20X1

20X2

Net income for the year

$55,000

$58,500

Withdrawls by Ted Dichupa

$20,000

$25,000

Investment by Ted Dichupa

$-0-

$10,000

In addition, the balance of the Ted Dichupa, Capital account on January 1, 20X1 was $52,500

Required -

1) Prepare a statement of owner's equity for VPC Inn for 2001.

2) Determine the balance of the Ted Dichupa capital account as of the end of 20X2.

Reference no: EM132547190

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