Owner carmina invested P100,000 to start his laundry business. In 2017, the business earned P50,000 with a withdrawals of P35,000. As of December 31, 2017, Carmina's capital balance is P115,000. Prepare a Statement of Changes in Owner's Equity

Owner carmina invested P100,000 to start his laundry business. In 2017, the business earned P50,000 with a withdrawals of P35,000. As of December 31, 2017, Carmina's capital balance is P115,000. Prepare a Statement of Changes in Owner's Equity

Name: Owner carmina invested P100,000 to start his laundry business. In 2017
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Owner carmina invested P100,000 to start his laundry business. In 2017, the business earned P50,000 with a withdrawals of P35,000. As of December 31, 2017, Carmina's capital balance is P115,000.Prepare a Statement of Changes in Owner's Equity

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 59P

See similar textbooks

Similar questions

Owner Juana invested P100,000 to start her laundry business. During the first year of operations (2016), the company had a net income of P15,000. Juana invested additional P100,000 to grow the business. In 2017, the business earned P50,000. As of December 31, 2017, Juana’s capital balance is P200,000. How much is Juana’s withdrawal?
Owner Juana invested P100,000 to start her laundry business. During the first year of operations (2016),the company had a net income of P15,000. Juana invested additional P100,000 to grow the business. In 2017,the business earned P50,000. As of December 31,2017,Juana's capital balance is P200,000. How much is Juana's withdrawal?
Owner, Juan invested an initial capital amounting P50,000 in order to put up his Clean company. During the first year of operations (2016), the company had a loss of P25,000. Because of this, Juan invested additional capital amounting to P50,000 in 2017. In the second year (2017), the company had a net income of P100,000 and Juan withdrew P10,000 for personal use. Prepare the Statement of Changes in Equity for the year 2017.
John Franklin, sole owner of Franklin Mattress Company, has an ownership interest in the com-pany of $50,000 at January 1, 2011. During that year, he invests an additional $10,000 in the company and the company reports a net income of $25,000. Determine the balance of owners’equity that will appear in the balance sheet at the end of the year, and explain how the amount ofnet income articulates with that figure in the balance sheet.
Zoe Backus owns and operates Backus Advertising Services. On January 1, 2018, Zoe Backus, Capital had a balance of $168,900. During the year, Zoe invested an additional $8,400 and withdrew $59,100. For the year ended December 31, 2018, Backus Advertising Services reported a net income of $78,600.
Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2018, Marcie Davies, Capital had a balance of $622,000. During the year, Marcie invested an additional $36,000 and withdrew $14,500. For the year ended December 31, 2018, Gemini Advertising Services reported a net income of $92,510.
Lilo started operating a service proprietorship on April 1, 2021 with an initial cash investment of P100,000. The business provided P58,500 of services in April and received full payment in May. The business incurred expenses of P20,300 in April which were paid in June. During May, Lilo drew P4,300 against his capital account. What was the income to be reported for the 2 months ended May 2021 under cash basis?
Taehyung started operating a service proprietorship on April 1, 2021 with an initial cash investment of P100,000. The business provided P58,500 of services in April and received full payment in May. The business incurred expenses of P20,300 in April which were paid in June. During May, Taehyung drew P4,300 against his capital account. What was the income to be reported for the 2 months ended May 2021 under cash basis?
Meera started a business on January 1,2017 called Aroma, Inc. Aroma is a retail company that sells flowers and decorative plants. the following information was available on Aroma Inc. : During 2017, Aroma made sales totaling OMR 50,000 and paid OMR 42,000 in cash to its creditors. It purchased equipment costing OMR 25,000, paid OMR 1,500 for dividends and the cost of flowers and plants (goods) sold was OMR 21,000. Also, the corporation incurred the following expenses during 2017: Requirements: a - Using the above information, prepare the income statement for Aroma Inc, for the year ended December31, 2017. b- According to the information provided, what will be the effect of paying $42,000 to creditors on the accounting equation elements of Aroma Inc.? c- Using the above information, what is the amount of retained earnings on the balance sheet prepared as of December 31, 2017?
Carmelita Dresses started operations on July 1, 2014, withP200,000 from personal savings and P30,000 from abank loan. During the first year of operations, net income wasP60,000. On December 15, 2014, Carmelita withdrewP8,000 cash. No additional activities affected owners' equityin 2014. By December 31, 2014, Carmelita's liabilities hadîncreased to P57,600. In Carmelita's December 31, 2014financial statements, how much total assets should be reportede
On May 1, 2022, the amount of Jackson Samuel’s capital in Jackson Services Company was $101,000. During May, he withdrew $15,100 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: Accounts payable $ 8,900 Accounts receivable 27,950 Cash 11,390 Fees earned 73,800 Insurance expense 1,475 Land 74,400 Miscellaneous expense 1,510 Prepaid insurance 2,000 Rent expense 6,000 Salary expense 35,300 Supplies 3,950 Supplies expense 825 Utilities expense 3,800 Present, in good form, including complete titles, (a) an income statement for May, (b) a statement of owner's equity for May, and (c) a balance sheet as of May 31. (a) Income Statement (b) Statement of Owner’s Equity…
On November 1, 2020, Aleli Gomuna purchased a pest – control company from its previous owner. Aleli paid ₱220,000 from her personal checking account for assets consisting of pesticides supplies, ₱75,000 and spraying equipment, ₱145,000. The company is to operate under the name of Lily Gomuna Pest Control. The following transactions occurred during the month of November: a. Aleli invested additional ₱230,000 in the business. b. Pest control service for customers was done on account, ₱42,000. c. Pesticide supplies were acquired on account, ₱39,500. d. Spraying equipment costing ₱67,000 was acquired on account. e. Pest control service was rendered for cash, ₱87,000. f. Repairs were made to the equipment; ₱28,500 was paid in cash. g. Paid ₱17,000 for pesticide supplies recently acquired h. Rendered pest control service for customers on account, ₱63,000. i. Purchase pesticide supplies on account, ₱54,500 j. Paid for utilities, ₱20,500. k. Paid ₱56,500 for the salaries of personnel. l.…