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Calculate the statement of changes in equity. The following accounts and account balances are taken from the records of Tesco Corporation at December 31, 2018.
Calculate the statement of changes in equity.
The following accounts and account balances are taken from the records of Tesco Corporation at December 31, 2018. Account 2018 2017 Accounts payable 8,000 6,000 4,000 6,000 25,000 2,000 1,000 18,000 3,000 5,000 19,000 5,000 5,000 4,000 3,000 6,000 22,000 1,000 Accounts receivable Notes receivable Bank loan Building Cash Dividends -0- Equipment Income taxes payable 14,000 2,500 5,000 24,500 7,000 Land Merchandize inventory Mortgage payable 1,000 48,000 1,000 48,000 1,000 Prepaid insurance Share capital Retained earnings, start of year 6,000 Net income Other information 1,000 of the notes receivable at December 31, 2018 will be received in cash during 2019. All of the notes . receivable at December 31, 2017 were received in cash during 2018 b. 3,000 of the bank loan and 2,000 of the mortgage payable must be repaid by December 31, 2019. The following accounts and account balances are taken from the records of Tesco Corporation at December 31, 2018. Account 2018 2017 Accounts payable 8,000 6,000 4,000 6,000 25,000 2,000 1,000 18,000 3,000 5,000 19,000 5,000 5,000 4,000 3,000 6,000 22,000 1,000 Accounts receivable Notes receivable Bank loan Building Cash Dividends -0- Equipment Income taxes payable 14,000 2,500 5,000 24,500 7,000 Land Merchandize inventory Mortgage payable 1,000 48,000 1,000 48,000 1,000 Prepaid insurance Share capital Retained earnings, start of year 6,000 Net income Other information 1,000 of the notes receivable at December 31, 2018 will be received in cash during 2019. All of the notes . receivable at December 31, 2017 were received in cash during 2018 b. 3,000 of the bank loan and 2,000 of the mortgage payable must be repaid by December 31, 2019Step by Step Solution
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