Preparing The Statement Of Changes In Equity Flashcards
1
Q
What does the statement of changes in equity show?
A
How did the shareholders equity change during the period
2
Q
What does the 3 line title consist of?
A
Company name
Financial statement (SOCE)
Date (for the year ended….)
3
Q
What are the two shareholders equity accounts?
A
Common shares
Retained earnings
4
Q
How is the SOCE done?
A
Common shares + retained earnings
Add net income
Deduct dividends
5
Q
Common shares = 60k
Retained earnings = 10k
Net income = 20.7k
Dividends = 3k
What is the total changes in equity?
A
CS (60k) + RE (10k) + NI (20.7k) - DIV (3k) = 87.7k
