Statement of Changes in Equity

Statement of Changes in Equity (SCE) Discussion

Instructions/Descriptions

Statement of Changes in Equity (SCE) Discussion

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Question Description

An employee of Kontur and Associates (The Bookeeper) Required: You have been asked to compile the information requested by the client. Based on the information provided in the client email (your partner’s phase 1 submission), complete the following information for Ms. Kontur’s review using the excel template provided.

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Please round to whole numbers. All areas highlighted in yellow require input by students! Prepare the journal entries (JE’s) to record all the transactions for the month of May. Use the Chart of Accounts provided Compile a trial balance (TB) from the journal entries.

Prepare the following financial statements for your client:

1. Income Statement (IS),
2. Statement of Changes in Equity (SCE),
3. Balance Sheet (BS) Prepare an email to Ms. Kontur to submit with the file.
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Discuss the following:

As you are very ambitious and want to demonstrate your analytical skills, provide your insight on the financial performance of your clients first month of business. Assess the client’s profitability, solvency and liquidity. After completing the financial statements, the client sent another email to you (see Appendix A). Explain to Ms. Kontur how this new information would change the financial statements you already prepared. Ensure a copy of the client email is included in your submission. Submissions without the partner’s phase 1 will be considered incomplete and marked late.

Statement of Changes in Equity (SCE) Discussion

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