On February 15, 20X1, Evelyn Ferrer opened Cookie Fantasy Bakeshop. She invested 75,000 to purchase an oven and bakery supplies. The business generated a net income of 37,545 in 20X1. Moreover, used 15,000 from the account of Cookie Fantasy to pay the electricity and phone bills of her house. Evelyn invested an additional 13,400 and 17,650 on March 16, 20X1 and August 19, 20X1, respectively. Net income for 20X2 reported at 48,950. Evelyn's Drawings account has a balance of 20,000 on December 31, 20X2. Required: Prepare Cookie Fantasy Bakeshop's Statement of Changes in Equity for the year ended Dec. 31, 20X1 and Dec. 31, 20X2.
On February 15, 20X1, Evelyn Ferrer opened Cookie Fantasy Bakeshop. She invested 75,000 to purchase an oven and bakery supplies. The business generated a net income of 37,545 in 20X1. Moreover, used 15,000 from the account of Cookie Fantasy to pay the electricity and phone bills of her house. Evelyn invested an additional 13,400 and 17,650 on March 16, 20X1 and August 19, 20X1, respectively. Net income for 20X2 reported at 48,950. Evelyn's Drawings account has a balance of 20,000 on December 31, 20X2. Required: Prepare Cookie Fantasy Bakeshop's Statement of Changes in Equity for the year ended Dec. 31, 20X1 and Dec. 31, 20X2.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Transcribed Image Text:On February 15, 20X1, Evelyn Ferrer opened Cookie Fantasy Bakeshop. She
invested 75,000 to purchase an oven and bakery supplies. The business generated a
net income of 37,545 in 20X1. Moreover, used 15,000 from the account of Cookie
Fantasy to pay the electricity and phone bills of her house.
Evelyn invested an additional 13,400 and 17,650 on March 16, 20X1 and August 19,
20x1, respectively. Net income for 20X2 reported at 48,950. Evelyn's Drawings
account has a balance of 20,000 on December 31, 20X2.
Required:
Prepare Cookie Fantasy Bakeshop's Statement of Changes in Equity for the year
ended Dec. 31, 20X1 and Dec. 31, 20X2.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education