The Adjusted Trial Balance Data Given Below Is from the Hampton

Essay

The adjusted trial balance data given below is from the Hampton Company's worksheet for the year ended December 31, 2014. The firm had net income of $38,000 for the year. Prepare a statement of owner's equity for the year. No additional investments were made during the period. $$\begin{array}{l}\text { ADJUSTED TRIAL BALANCE }\\\begin{array} { | l | r | r | } \hline { \text { ACCOUNT NAME } } & \text { DEBIT } & { \text { CREDIT } } \\\hline \text { Lloyd Hampton, Capital (Jan. 1) } & & 62,000 \\\hline \text { Lloyd Hampton, Drawing } & 31,500 & \\\hline\end{array}\end{array}$$