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  • Assessment Task #1 - COMPREHENSIVE PROBLEMS (FABM)

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    Mayuga Shaneal Nikolai D.
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    The Cookie Fantasy Bakeshop had owner's capital of $75,000 on February 15, 2019. For the year ended December 31, 2019, they had net income of $37,545 but owner drawings of $15,000, bringing their owner's capital to $97,545. For the year ended December 31, 2020 their owner's capital increased to $172,545 due to net income of $48,950, an owner contribution of $13,400 and another of $17,650, partially offset by owner drawings of $5,000.

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    Assessment Task #1 – COMPREHENSIVE PROBLEMS (FABM)

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    The Cookie Fantasy Bakeshop had owner's capital of $75,000 on February 15, 2019. For the year ended December 31, 2019, they had net income of $37,545 but owner drawings of $15,000, bringing their owner's capital to $97,545. For the year ended December 31, 2020 their owner's capital increased to $172,545 due to net income of $48,950, an owner contribution of $13,400 and another of $17,650, partially offset by owner drawings of $5,000.

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    © All Rights Reserved
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    42 views1 page

    Assessment Task #1 - COMPREHENSIVE PROBLEMS (FABM)

    Uploaded by

    Mayuga Shaneal Nikolai D.
    The Cookie Fantasy Bakeshop had owner's capital of $75,000 on February 15, 2019. For the year ended December 31, 2019, they had net income of $37,545 but owner drawings of $15,000, bringing their owner's capital to $97,545. For the year ended December 31, 2020 their owner's capital increased to $172,545 due to net income of $48,950, an owner contribution of $13,400 and another of $17,650, partially offset by owner drawings of $5,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Cookie Fantasy Bakeshop

    STATEMENT OF CHANGES IN EQUITY


    FOR THE YEAR ENDED DECEMBER 31,2019
    Owner's Capital, February 15, 2019 75,000.00
    Add: Net Income 37,545.00
    Less: Owner's Drawing 15,000.00
    Owner's Capital, December 31, 2019 97,545.00

    Cookie Fantasy Bakeshop


    STATEMENT OF CHANGES IN EQUITY
    FOR THE YEAR ENDED DECEMBER 31,2020
    Owner's Capital, December 31, 2019 97,545.00
    Add: Net Income 48,950.00
    Owner's Contribution
    16-Mar-20 13,400.00
    19-Aug-20 17,650.00
    Less: Owner's Drawing 5,000.00
    Owner's Capital, December 31, 2020 172,545.00

    Playdate Kiddie Gym


    Drawings account
    FOR THE YEAR ENDED DECEMBER 31,2020
    857,340-765,430=91,910857,340−765,430=91,910
    115,465-91,910=23,555115,465−91,910=23,555
    91,910 is retained earnings and 23,555 is account receivable

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