Prepare a Statement of Changes in Owner's Equity
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The following balances were retrieved from the records of Carlo's Janitorial Services for the year ended December 31, 2016:
•Capital, January 1, 2016 P 500,000
•Withdrawals P 100,000
•Additional Investments P 50,000
•Net Loss P 45,000
Prepare a Statement of Changes in Owner's Equity
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- 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.The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
- On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?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 EquityBelow are four transactions that were completed during 2016 by Timber Lodge. Provide any related journal entries (including both active and passive entries) for the fiscal year ended on December 31. A. On July 1, 2016, Timber Lodge paid a two-year insurance premium $8000 for a policy on its facilities. B. On December 31, 2016, a tenant renting some storage space from Timber Lodge had not paid the rent of $750 for December. C. On September 1, 2016, Timber Lodge borrowed $25,000 cash and gave a one-year, 6 percent, note payable. The interest is payable on the note's due date of August 31, 2017. D. On October 1, 2016, Timber Lodge collected $10,000 from a tenant for two years rent beginning October 1, 2016. E. On Jan 1, 2016, Timber Lodge had $1000 supplies at hand. It purchased $6000 on Oct 23. On December 31, the annual physical count shows it had $2000 remaining supplies.
- Shane Sunland began a business, Sunland Company, on January 1, 2021, with an investment of $105,000. The company had the following assets and liabilities on the dates indicated: December 31 Total Assets Total Liabilities 2021 $355,000 $200,000 2022 440,000 285,000 2023 535,000 310,000 Use the accounting equation and the change in owner's equity during the year to calculate the profit (or loss) for: a) 2021, assuming Shane Sunland's drawings were $50,000 for the year. b) 2022, assuming Shane Sunland's made an additional investment of $51,000 and had no drawings in 2022. c) 2023, assuming Shane Sunland's made an additional investment of $10,000 and his drawings were $40,000 for the year. Please explain for all questions, thank you.Kim Hsu is the owner of Hsu's Financial Services. At the end of its accounting period, December 31, 2013, Hsu's has assets of $775,000 and owner's equity of $365,000. Using the accounting equation and considering each case independently, determine the following amounts. Hsu's liabilities as of December 31, 2013. Hsu's liabilities as of December 31, 2014, assuming that assets increased by $70,000 and owner's equity decreased by $25,000. Net income or net loss during 2014, assuming that as of December 31, 2014, assets were $692,000, liabilities were $590,000, and there were no additional investments or withdrawals.The following balances were taken from a sole trader’s accounts for the year ended 30 June 2021:Current liabilities £20,000Profit on sale of motor vehicle £4,000Profit for the year £19,000 Capital account at 1 July 2017 £92,000Non-current liabilities £10,000Non-current assets £80,000 No capital was introduced into the business or withdrawn during the year ended 30June 2021.Current assets at 30 June 2021 amounted to:a) £50,000b) £65,000c) £42,000d) £61,000
- During the course of your examination of the financial statements of the Hales Corporation for the year endedDecember 31, 2016, you discover the following:a. An insurance policy covering three years was purchased on January 1, 2016, for $6,000. The entire amountwas debited to insurance expense and no adjusting entry was recorded for this item.b. During 2016, the company received a $1,000 cash advance from a customer for merchandise to be manufacturedand shipped in 2017. The $1,000 was credited to sales revenue. No entry was recorded for the cost ofmerchandise.c. There were no supplies listed in the balance sheet under assets. However, you discover that supplies costing$750 were on hand at December 31.d. Hales borrowed $20,000 from a local bank on October 1, 2016. Principal and interest at 12% will be paid onSeptember 30, 2017. No accrual was recorded for interest.e. Net income reported in the 2016 income statement is $30,000 before reflecting any of the above items.Required:Determine…Prepare a statement of owner’s equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional $60,000 in the business during the year and withdrew cash of $40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was $1,020,000. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.The beginning capital balance shown on FDNACCT’s Statement of Changes in Owner’s Equity is P67,000. Net income for the period is P25,000. The owner withdrew P44,000 cash from the business and made additional investments of P45,000 during the period. Total current liabilities are recorded at P98,000 while long term liabilities amount to P469,000. How much is the total assets at year end?
