Homework Answers
Statement of changes in equity is basically the reconciliation statement between owner’s equity balances as at the beginning and closing of the books. This statement summarizes the transactions related to stockholders’ equity over the particular accounting period.
Moonshadow Corporation
Statement of Changes in Equity
For the year ended December 31, 2019
|
Particulars |
Common |
Preferred |
Retained |
Accumulated other |
Total |
|
Balances as on Dec 31,2018 |
$ 4,718,000 |
$ 3,012,000 |
$ 16,791,000 |
$ 514,000 |
$ 25,035,000 |
|
Changes: |
$ - |
||||
|
Net income earned |
$ 3,613,000 |
$ 3,613,000 |
|||
|
Other comprehensive |
$ 3,000 |
$ 3,000 |
|||
|
Common shares sold |
$ (30,000) |
$ (30,000) |
|||
|
Dividends declared |
$ - |
||||
|
To common shareholders |
$ (5,000) |
$ (5,000) |
|||
|
To preference shareholders |
$ (14,000) |
$ (14,000) |
|||
|
Balances as on Dec 31,2019 |
$ 4,688,000 |
$ 3,012,000 |
$ 20,385,000 |
$ 517,000 |
$ 28,602,000 |
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