the balance sheet for qustream inc reported the following components of equity on de 4374987

The balance sheet for QuStream Inc. reported the following components of equity on December 31, 2014:Common shares, unlimited shares authorized, 100,000 shares issued and outstanding………………………………………………….. $480,000Retained earnings…………………………………………………………………………………… 648,000Total equity …………………………………………………………………………………………… $1,128,000The company completed these transactions during 2015:Required1. Prepare General Journal entries to record the transactions and closings for 2015.2. Prepare a statement of changes in equity for the year ended December 31, 2015.3. Prepare the equity section of the company’s balance sheet as of December 31, 2015.Analysis Component: How much of QuStream’s assets are financed by the common shareholders at December 31, 2015? Explain what other sources of financing areavailable.
View Solution:
The balance sheet for QuStream Inc reported the following components

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