B. Compute the owner's equity for Norman Gonzales on December 31, 2014 based on the following data: Norman Gonzales, Capital January 1, 2014 Norman Gonzales, Drawings for 2014 Norman Gonzales, Additional Investment 2014 P 450,000.00 120,000.00 80,000.00 90,000.00 Net Income 2014
B. Compute the owner's equity for Norman Gonzales on December 31, 2014 based on the following data: Norman Gonzales, Capital January 1, 2014 Norman Gonzales, Drawings for 2014 Norman Gonzales, Additional Investment 2014 P 450,000.00 120,000.00 80,000.00 90,000.00 Net Income 2014
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Requirement: Prepare a statement of changes in equity for letter B and C
![STATEMENT OF CHANGES IN EQUITY (SCE)
A. The capitaf, withdrawaf and income summary accounts for NUA Travel Agency are shown in T-
account from below. The closing entries have been recorded for the year ended December 31,
2015.
NUA, Capital
December 31,
P420,000.00
Jan. 1
P360,000.00
Mar 9
280,000.00
Dec. 31
430,000.00
NUA, Drawings
Mar 31
P 90,000.00
Dec 31
P 420,000.00
June 30
70,000.00
Sept30
90,000.00
Dec 31
170,000.00
Income Summary
Dec 31
P 850,000.00
Dec. 31
P 1,280,000.00
Dec 31
430,000.00
Requirement: Prepare a statement of changes in equity
B. Compute the owner's equity for Norman Gonzales on December 31, 2014 based on the following
data:
Norman Gonzales, Capital January 1, 2014
Norman Gonzales, Drawings for 2014
Norman Gonzales, Additional Investment 2014
P 450,000.00
120,000.00
80,000.00
Net Income 2014
90,000.00
C. Prepare a statement of equity for Darwin Enterprises.
Darwin Enterprises
December 31, 2016
Dr.
Cr.
P 3,000,000.00
Darwin, Capital
500,000.00
Darwin Additional Investment
P 600,000.00
Darwin, Drawing
200,000.00
Net Income
Page 17](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F80db813a-a410-454e-b1e3-8269f179ec11%2Fabb4d16c-71e0-4b12-80cd-4589e40c1e5a%2Fb5feg8nc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:STATEMENT OF CHANGES IN EQUITY (SCE)
A. The capitaf, withdrawaf and income summary accounts for NUA Travel Agency are shown in T-
account from below. The closing entries have been recorded for the year ended December 31,
2015.
NUA, Capital
December 31,
P420,000.00
Jan. 1
P360,000.00
Mar 9
280,000.00
Dec. 31
430,000.00
NUA, Drawings
Mar 31
P 90,000.00
Dec 31
P 420,000.00
June 30
70,000.00
Sept30
90,000.00
Dec 31
170,000.00
Income Summary
Dec 31
P 850,000.00
Dec. 31
P 1,280,000.00
Dec 31
430,000.00
Requirement: Prepare a statement of changes in equity
B. Compute the owner's equity for Norman Gonzales on December 31, 2014 based on the following
data:
Norman Gonzales, Capital January 1, 2014
Norman Gonzales, Drawings for 2014
Norman Gonzales, Additional Investment 2014
P 450,000.00
120,000.00
80,000.00
Net Income 2014
90,000.00
C. Prepare a statement of equity for Darwin Enterprises.
Darwin Enterprises
December 31, 2016
Dr.
Cr.
P 3,000,000.00
Darwin, Capital
500,000.00
Darwin Additional Investment
P 600,000.00
Darwin, Drawing
200,000.00
Net Income
Page 17
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