QS 13-7 Preparing a statement of changes in equity LO2

Fisher Inc. began operations on January 1, 2014. During its first year, $750,000 of common shares were issued and a net loss of $28,000 was realized. In 2015, Fisher's second year of operations, an additional $125,000 of common shares were issued, a net income of $148,000 was realized, and dividends of $40,000 were declared and paid. Prepare statement of changes in equity for the year ended December 31, 2015

QS 13-3 Components of the equity section of a corporate balance sheet LO2

From the following list of selected accounts for X-cell Inc., identify the equity accounts. Use "CC" for contributed capital, "RE" for retained earnings, and "X" if not an equity account.

Cash Preferred shares Common shares Retained earnings Common dividend payable Preferred dividend payable Deficit Preferred shares, $5 non-cumulative