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JECAF Convenience Store: Sole Proprietorship John Emmanuel is the owner of JECAF Convenience Store. The store was established on January 2, 20Z1. John Emmanuel deposited P50,000 to a bank account in the name of JECAF Convenience Store. HE made four more deposits of P3,000 each during the year from his personal account. The store generated net income of P63,435 in 20Z1. John Emmanuel regularly withdraws P1,000 per month from the store’s bank account for his personal use. Requirements: 1. Determine the 20Z1 year-end balance of the John Emmanuel, Drawings account. 2. Prepare a Statement of Changes in Equity for the year ended December 31, 20Z1.

JECAF Convenience Store: Sole Proprietorship John Emmanuel is the owner of JECAF Convenience Store. The store was established on January 2, 20Z1. John Emmanuel deposited P50,000 to a bank account in the name of JECAF Convenience Store. HE made four more deposits of P3,000 each during the year from his personal account. The store generated net income of P63,435 in 20Z1. John Emmanuel regularly withdraws P1,000 per month from the store’s bank account for his personal use. Requirements: 1. Determine the 20Z1 year-end balance of the John Emmanuel, Drawings account. 2. Prepare a Statement of Changes in Equity for the year ended December 31, 20Z1.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.10AP
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JECAF Convenience Store: Sole Proprietorship

John Emmanuel is the owner of JECAF Convenience Store. The store was established on January 2, 20Z1. John Emmanuel deposited P50,000 to a bank account in the name of JECAF Convenience Store. HE made four more deposits of P3,000 each during the year from his personal account. The store generated net income of P63,435 in 20Z1. John Emmanuel regularly withdraws P1,000 per month from the store’s bank account for his personal use.

Requirements:

1. Determine the 20Z1 year-end balance of the John Emmanuel, Drawings account.

2. Prepare a Statement of Changes in Equity for the year ended December 31, 20Z1.

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