The income statement of Yoakum's Shoe Repair is as follows:
On April 1, the owner, Sam Yoakum, had a capital balance of $12,900. During April, Yoakum withdrew $3,000 cash for personal use.
Instructions
(a) Prepare closing entries at April 30.
(b) Prepare an owner's equity statement for the month of April.

Question

The income statement of Yoakum's Shoe Repair is as follows:  
On April 1, the owner, Sam Yoakum, had a capital balance of $12,900. During April, Yoakum withdrew $3,000 cash for personal use.
Instructions
(a) Prepare closing entries at April 30.
(b) Prepare an owner's equity statement for the month of April.

Quizplus · Accepted Answer

The Answer of The income statement of Yoakum's Shoe Repair is as follows:  
On April 1, the owner, Sam Yoakum, had a capital balance of $12,900. During April, Yoakum withdrew $3,000 cash for personal use.
Instructions
(a) Prepare closing entries at April 30.
(b) Prepare an owner's equity statement for the month of April.

The Income Statement of Yoakum's Shoe Repair Is as Follows