E$11-25($Algo$)($Chapter Supplement$)$ Accounting for Equity Transaction for Sole Proprietorships and

Partnerships L$011-7$

Case $1$: Matsumoto Training Academies is a sole proprietorship. To start the business, the owner, Mr$.$ Tanaka, contributed $$560,000$

cash. During the year the owner withdrew $$36,000$ cash. Net income for the year was $$51,000.$

Case $2$: Galaxy Robotics is a partnership with two partners. To start the business, the owners, Mrs$.$ Curtis and Mr$.$ Wilson, each

contributed $$360,000$ cash and agreed to split all earnings $50/50.$ During the year, Mrs$.$ Curtis withdrew $$18,000$ cash and Mr$.$ Wilson

withdrew $$31,000$ cash. Net income for the year was $$63,000.$

Required:

Create the statement of owners' equity for Matsumoto Training at the end of the year.

Create the statement of owners' equity for Galaxy Robotics at the end of the year.Case $1$: Matsumoto Training Academies is a sole proprietorship. To start the business, the owner, Mr$.$ Tanaka, contributed $$560,000$

cash. During the year the owner withdrew $$36,000$ cash. Net income for the year was $$51,000.$

Case $2$: Galaxy Robotics is a partnership with two partners. To start the business, the owners, Mrs$.$ Curtis and Mr$.$ Wilson, each

contributed $$360,000$ cash and agreed to split all earnings $50/50.$ During the year, Mrs$.$ Curtis withdrew $$18,000$ cash and Mr$.$ Wilson

withdrew $$31,000$ cash. Net income for the year was $$63,000.$

Required:

Create the statement of owners' equity for Matsumoto Training at the end of the year.

Create the statement of owners' equity for Galaxy Robotics at the end of the year.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Create the statement of owners' equity for Galaxy Robotics at the end of the year.

Note: Amounts to be deducted should be indicated by a minus sign.