Ans. | A | B | C | D | E | |
Equity, Jan 1 | $0 | $0 | $0 | $0 | $102,500 | |
Investment by Owner | $60,000 | $46,000 | $31,500 | $37,500 | $140,000 | |
Profit (Loss) for the year | $15,750 | $30,500 | -$4,500 | $10,250 | -$8,000 | |
Owner's withdrawal | -$19,750 | -$27,000 | -$20,000 | -$15,750 | -$63,000 | |
Equity, Dec 31 | $56,000 | $49,500 | $7,000 | $32,000 | $171,500 | |
*Working Notes : | ||||||
*Calculations for A : | ||||||
Equity, Jan 1 | $0 | |||||
Add: Investment by Owner | $60,000 | |||||
Add: Profit (Loss) for the year | $15,750 | |||||
Less: Equity, Dec 31 | -$56,000 | |||||
Owner's withdrawal | $19,750 | |||||
*Calculations for B : | ||||||
Equity, Dec 31 | $49,500 | |||||
Add: Owner's withdrawal | $27,000 | |||||
Less: Equity, Jan 1 | $0 | |||||
Less: Profit for the year | -$30,500 | |||||
Investment by Owner | $46,000 | |||||
*Calculations for C : | ||||||
Equity, Jan 1 | $0 | |||||
Add: Investment by Owner | $31,500 | |||||
Less: Loss for the year | -$4,500 | |||||
Less: Owner's withdrawal | -$20,000 | |||||
Equity, Dec 31 | $7,000 | |||||
*Calculations for D : | ||||||
Equity, Dec 31 | $32,000 | |||||
Add: Owner's withdrawal | $15,750 | |||||
Less: Equity, Jan 1 | $0 | |||||
Less: Investment by Owner | -$37,500 | |||||
Profit for the year | $10,250 | |||||
*Calculations for E : | ||||||
Equity, Dec 31 | $171,500 | |||||
Add: Owner's withdrawal | $63,000 | |||||
Add: Loss for the year | $8,000 | |||||
Less: Investment by Owner | -$140,000 | |||||
Equity, Jan. 1 | $102,500 | |||||
Statement of Changes in Owners' Equity А B С D E Equity, Jan 1 $0 $0...
Statement of Changes in Owners' Equity А B с D E Equity, Jan 1 $0 $0 $0 $0 Investment by Owner 60,000 31,500 37,500 140,000 Profit (Loss) for the year 15,750 30,500 (4,500) (8,000) Owner's Withdrawal (27,000) (20,000) (15,750) (63,000_) Equity, Dec 31 56,000 49,500 32,000 171,500 102,500 || 46,000 10,250 (19,750) 7,000