Refer to the data in Short Exercise S-F:4-1. Prepare Dalton’s statement of owner’s equity for the year ended December 31, 2024. Assume the owner made no contributions during the year.

Short Exercise S-F:4-1

Dalton Hair Stylists’ adjusted trial balance follows. Prepare Dalton’s income statement for the year ended December 31, 2024.

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DALTON HAIR STYLISTS Adjusted Trial Balance December 31, 2024 Account Title Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Interest Payable Notes Payable Dalton, Capital Dalton, Withdrawals Service Revenue Rent Expense Supplies Expense Depreciation Expense-Equipment Interest Expense Total Balance Debit $ 1,300 1,500 1,800 20,900 1,400 3,900 850 2,200 2,300 $36,150 Credit $ 2,200 400 500 3,100 16,150 13,800 $ 36,150