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Prepare the statement of owners equity

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Reference no: EM132484553

Lu Chang opened Chang Catering on May 1, 20X3. The adjusted trial balance for May 31,20X3, follows:

Chang Catering
Adjusted Trial Balance
May 31, 20X3

Ca4

Food Inventory Prepaid Expenses Equipment

$        9,000

1,200 1,000 20,000

 

Accumulated Depreciation, Equipment

 

$                800

Accounts Payable

 

2,000

Notes Payable

 

15,000

Lu Chang, Capital

 

10,000

Sales

 

20,500

Wages

7,500

 

Cost of Food Sold

5,200

 

Supplies Expense

800

 

Other Expenses

3,600

 

Total

$ 48,300

$ 48,300

Required:

Question 1. Prepare an income statement.

Question 2. Prepare a balance sheet.

Question 3. Prepare the statement of owner's equity

Reference no: EM132484553

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