Question: Preparing an owners' equity statement (net loss) Judy Fulton and Lee Terry are partners in a merchandising business, Elegant Cosmetics. Forms for completing this problem are given in the Working Papers. The following information was taken from the records on December 31 of the current year.
Instructions: 1. Prepare an owners' equity statement for Elegant Cosmetics. Additional investments made during the year: Judy Fulton, $12,000.00; Lee Terry, $10,000.00.