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LG 14-2. continued
       When you know the ending balance, you can complete the statement by filling in the
     difference as a net loss on the statement or by calculating it in the formula as: $3,800 + X +
     $15,000 – $5,300 = $4,000. Therefore, X = –9,500 (a net loss).
 
West Valley Company
Statement of Owner’s Equity
For the Month Ended July 31, 2008
 
   Lucy Palangian, Capital, January 1, 2008                                           $  3,880           
   Add: Investment by owner               15,000
       
   Less:
Withdrawals
   (5,300)  
  Net (Loss)   (9,500)   
                                    Subtotal               (14,800) 
   Lucy Palangian, Capital, December 31, 2008         
Learning Goal 14, continued
SOLUTIONS
  S2
Section IV · The Essential Financial Statements
  
 
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