Answer to Question #248996 in Accounting for samantha

Question

STATEMENT OF CHANGES IN EQUITY  

1. The Retrieval Company has the following changes in equity items in year-end 2020.  
2. Kindly prepare the SCE of the company which is owned by Ms. Charlott 

  

  

Balance on January 1, 2020= ₱ 550,000 

  

March 31: The entity earned a total of ₱ 250,000 for its first quarter of operations 

June 30: The owner withdraws money worth ₱ 300,000 

July 28: Ms. Charlott, the owner, invests a total of ₱ 920,000 worth of equipment in the entity. 

September 22: The entity earned a total of ₱ 450,000  

December 31: Total expenses paid at year end amounts to ₱ 380,000 

The owner withdraws 500,000 from the business 

  

Balance on December 31, 2020= ? 

  

  

Answer 1

Solution:

The Retrieval Company Statement of Changes in Equity as of December 31, 2020, is as follows: