Question

The balance sheet for QuStream Inc. reported the following components of equity on December 31, 2014:
Common shares, unlimited shares authorized,
100,000 shares issued and outstanding........................................................... $480,000
Retained earnings................................................................................................ 648,000
Total equity ......................................................................................................... $1,128,000
The company completed these transactions during 2015:


Required
1. Prepare General Journal entries to record the transactions and closings for 2015.
2. Prepare a statement of changes in equity for the year ended December 31, 2015.
3. Prepare the equity section of the company’s balance sheet as of December 31, 2015.
Analysis Component: How much of QuStream’s assets are financed by the common shareholders at December 31, 2015? Explain what other sources of financing areavailable.


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  • CreatedJanuary 08, 2015
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