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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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