2. The following balances were retrieved from the records of Juan's Janitorial Services for the year ended December 31, 2016: Capital, January 1, 2016 P 500,000 Withdrawals 100,000 Additional Investment 50,000 Net Loss 45,000 Prepare the Statement of Changes in Equity (Send the SCE separate file)

2. The following balances were retrieved from the records of Juan's Janitorial Services for the year ended December 31, 2016: Capital, January 1, 2016 P 500,000 Withdrawals 100,000 Additional Investment 50,000 Net Loss 45,000 Prepare the Statement of Changes in Equity (Send the SCE separate file)

Name: 2. The following balances were retrieved from the records of Juan's J
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 2. The following balances were retrieved from the records of Juan's JanitorialServices for the year ended December 31, 2016:Capital, January 1, 2016 P 500,000Withdrawals 100,000Additional Investment 50,000Net Loss 45,000Prepare the Statement of Chan

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 5PEA: Using the income statement for Ousel Travel Service shown in Practice Exercise 1-4A, prepare a...

See similar textbooks

Similar questions

Changes in Owners Equity The following amounts are available from the records of Coaches and Carriages Inc. at the end of the years indicated: Required Compute the changes in Coaches and Carriages owners equity during 2015 and 2016. Compute the amount of Coaches and Carriages net income (or loss) for 2015 assuming that no dividends were paid and the owners made no additional contributions during the year. Compute the amount of Coaches and Carriages net income (or loss) for 2016 assuming that dividends paid during the year amounted to $10,000 and no additional contributions were made by the owners.
Using the income statement for Ousel Travel Service shown in Practice Exercise 1-4A, prepare a statement of owners equity for the year ended November 30, 2016. Shane Ousel, the owner, invested an additional 50,000 in the business during the year and withdrew cash of 30,000 for personal use. Shane Ousel, capital as of December 1, 2015, was 666,000.
Using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B, prepare a statement of owners equity for the year ended August 31, 2016. Barb Schroeder, the owner, invested an additional 36,000 in the business during the year and withdrew cash of 18,000 for personal use. Barb Schroeder, capital as of September 1, 2015, was 380,000.
Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem 6-5A. Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 11. 2. Prepare a statement of owners equity. 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is 50,000. 4. Prepare closing entries as of May 31, 2016.
Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2016, are presented in Problem 6-5B. Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 11. 2. Prepare a statement of owners equity. 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is 7,000. 4. Prepare closing entries as of June 30, 2016.
The Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000. Using this information and the accounting equation, answer each of the following independent questions. What was the amount of Gingers owners equity at the beginning of the year? If Gingers total assets increased by $100,000 and its total liabilities increased by $77,000 during the year, what was the amount of Gingers owners equity at the end of the year? If Gingers total liabilities increased by $33,000 and its owners equity decreased by $58,000 during the year, what was the amount of its total assets at the end of the year? If Gingers total assets doubled to $1,000,000 and its owners equity remained the same during the year, what was the amount of its total liabilities at the end of the year?
Using the following information, prepare a statement of owner's equity for the month of October for Ann's Cupcakes. A. Gordon, Capital, on October 1 $15,750 Additional investment by A. Gordon on October 20 4,250 Net loss for the month (from income statement) 700 Total withdrawals for the month 2,100 Ann's Cupcakes Statement of Owner's Equity For Month Ended October 31, 20-- $fill in the blank 94b1cefe505efe7_2 fill in the blank 94b1cefe505efe7_4 Total Investment $fill in the blank 94b1cefe505efe7_5 $fill in the blank 94b1cefe505efe7_7 fill in the blank 94b1cefe505efe7_9 fill in the blank 94b1cefe505efe7_11 $fill in the blank 94b1cefe505efe7_13
Instructions: Present the solutions, with appropriate supporting calculations, for each of the following independent problems. 1.Given the following information, compute the balance in the Owner’s Capital account at January 1, 2012 for Johnson Company. Owner’s Capital—December 31, 2012$170,000 Owner’s investments during 2012$30,000 Owner’s withdrawals during 2012$80,000 Net income for 2012$125,000 2.Given the following information, determine the three missing amounts. Owner's Equity Changes Beginning of the Year End of the Year During the Year Total Assets $62,000 Total Assets ??? Investments $22,000 Total Liabilities 23,000 Total Liabilities 40,000 Drawings 10,000 Total Owner's Equity ??? Total Owner's Equity 58,000 Revenues ??? Expenses…
Analyze the effect of transactions on assets, liabilities, and equity.Hayes Computer Timeshare Company entered into the following transactions during May 2017.1. Performed services for Bayliss Construction Company for $4,000 cash.2. Paid Southern Power Co. $10,000 cash for energy usage in May.3. Shareholders invested an additional $30,000 in the business. InstructionsIndicate with the appropriate letter whether each of the transactions above results in:(a) An increase in assets and a decrease in assets.(b) An increase in assets and an increase in equity.(c) An increase in assets and an increase in liabilities.(d) A decrease in assets and a decrease in equity.(c) A decrease in assets and a decrease in liabilities.(f) An increase in liabilities and a decrease in equity.
Compute and Prepare: 2. The following balances were taken from the records of Jose Malabag's Jaundry Services for the year ended December 31,2019. Prepare the changes in Equity of Jose Malabag's Laundry Services. Capital, January 1, 2018 Php 300,000 Withdrawals 50,000 Additional investment 50,000 Net loss 35,000
Consider Southeast Home Care, a for-profit business. In 2015, its net income was $1,500,000 and it distributed $500,000 to ownderws in the form of dividends. Its beginning-of-year equity balance was $12,000,000. a) Use this information to construct the business's statement of changes in equity. b) What is the ending 2015 value of the business's equity account?
O. Tybalt invested $7,000 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $122,100). Tybalt Construction is required to make a $9,000 payment on its long-term notes payable during 2018. Required:1a. Prepare the income statement for the calendar-year 2017.1b. Prepare the statement of owner's equity for the calendar-year 2017.1c. Prepare the classified balance sheet at December 31, 2017.2. Prepare the necessary closing entries at December 31, 2017.3. Use the information in the financial statements to compute the following ratios: