Statement of Owner's Equity Zack Gaddis owns and operates Gaddis Advertising Services. On January 1, 20Y3, Zack Gaddis, Capital had a balance of $186,000. During the year, Zack invested an additional $9,300 and withdrew $65,100. For the year ended December 31, 20Y3, Gaddis Advertising Services reported a net income of $89,800. Prepare a statement of owner's equity for the year ended December 31, 20Y3. Use the minus sign to indicate negative values.

Zack Gaddis

Statement of owner's equity for the year ended December 31, 20Y3

                                               Capital        Retained Earnings         Total

Beginning of the Year :

Opening Balance                 $186,000                     -                     $186,000

During the year :

Additional Capital                    $9,300                     -                        $9,300

Drawings                               ($65,100)                     -                     ($65,100)

Net Income                                 -                       $89,800              $89,800

At the end of the year           $130,200             $89,800             $220,000

Explanation:

The statement of owner's equity for the year ended December 31, 20Y3 is prepared as above.

a corporation is legally separate from its owner, and it pays its own taxes.