Using the data for Escape Travel Service shown in Practice Exercise 1-3, prepare a statement of owner’s equity for the current year ended December 31, 2015. The capital of the owner, Nancy Coleman, was $475,000 as at January 1, 2015. Nancy invested an additional $45,000 in the business during the year and withdrew cash of $25,000 for personal use.
Answer to relevant QuestionsUsing the data for Escape Travel Service shown in Practice Exercises 1-3 and 1-4, prepare the balance sheet as at December 31, 2015. In exercise In 2012, Mary Frances established a boutique wine store in Victoria. After operating for three years, Mary hired her brother, Fred, to help with her accounting. Fred produced the first set of financial statements. Mary's ...Alec Lee established an insurance agency on January 1 of the current year and completed the following transactions during January: a. Opened a business bank account with a deposit of $75,000 from personal funds. b. Purchased ...Go to the two CICA websites, www.cica.ca and www.frascanada.ca, and answer the following questions: 1. What sort of information is contained on each of these sites? Which user groups might find this information useful? 2. ...On August 7, 2015, Mainsail Co. purchased $2,190 of supplies on account. In Mainsail Co.’s chart of accounts, the supplies account is No. 1050, and the accounts payable account is No. 2010. a. Journalize the August 7, ...
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