Prepare the Statement of Changes in Equity for both businesses. Thank you! Mount Carmel College of Escalante, Inc.Carmelite Street, Escalante City6124 Negros Occidental, PhilippinesThe information below is available from the books of Quijano Hauling Companyas of 31 March 2018, the end of its accounting period.Prepare the SCE of the Owner.800 000.00Mr. Q, Capital, April 1, 2017Mr. Q, PersonalHauling IncomeRent25 500.00267 000.0045 500.0038 000.00Repairs and MaintenanceUtilities12 450.0075 550.00Gas and Oil25 580.00Insurance15 000.00Rental Income8 450.00Taxes and Licenses800 000.00Mr. Q, Capital, April 1, 2017Note: Mr. Q gave an additional investment of Php 20,000.00 during the year.cor f-. -- erahinThe total LESSON 1Statement of Changes in EquityThe information below is extracted from the general ledger of the two businesseson 31 March 2018, the end of their accounting periods. For each case below,compute the SCE of the owner as of 31 March 2018Prepare the SCE of both BusinessesAll currency is in US DollarsMorales Store$$68,900.0036,500.00CashAccounts ReceivableAllowance for Impairments LossUnused Office Supplies1,200.00$$$2,350.0012,000.006,500.00Prepaid AdvertisingUnexpired InsuranceFurniture and EquipmentAccumulated DepreciationAccounts PayableNotes Payable76,000.007,600.00$$$$$$32,000.0016,500.001,200.002,340.00Accrued Interest ExpenseAccrued Interest Income11,000.008,000.0015,000.004,000.00Unearned CommissionSalaries Payable$Rental Receivable$$Repair Supplies InventoryOwner's EquityHINT: Accrued Interest Expense is Current Liability, Accrued Interest Income isa Current Asset, Allowance for impairment loss and accumulated depreciation arecontra assets accounts, which should be deducted from the assets.CS Scanned with CamScanner

Statement of Changes in equity: It provides the summary of transactions related to the…

Mount Carmel College of Escalante, Inc. Carmelite Street, Escalante City 6124 Negros Occidental, Philippines The information below is available from the books of Quijano Hauling Company as of 31 March 2018, the end of its accounting period. Prepare the SCE of the Owner. 800 000.00 Mr. Q, Capital, April 1, 2017 Mr. Q, Personal Hauling Income Rent Repairs and Maintenance Utilities Gas and Oil 25 500.00 267 000.00 45 500.00 38 000.00 12 450.00 75 550.00 25 580.00 Insurance 15 000.00 8 450.00 Rental Income Taxes and Licenses Mr. Q, Capital, April 1, 2017 Note: Mr. Q gave an additional investment of Php 20,000.00 during the year. 800 000.00

Mount Carmel College of Escalante, Inc. Carmelite Street, Escalante City 6124 Negros Occidental, Philippines The information below is available from the books of Quijano Hauling Company as of 31 March 2018, the end of its accounting period. Prepare the SCE of the Owner. 800 000.00 Mr. Q, Capital, April 1, 2017 Mr. Q, Personal Hauling Income Rent Repairs and Maintenance Utilities Gas and Oil 25 500.00 267 000.00 45 500.00 38 000.00 12 450.00 75 550.00 25 580.00 Insurance 15 000.00 8 450.00 Rental Income Taxes and Licenses Mr. Q, Capital, April 1, 2017 Note: Mr. Q gave an additional investment of Php 20,000.00 during the year. 800 000.00

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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Hey please solve this problem asap
The information on the statement of changes in owners equity is used in preparing the income statement. True or false?
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