On June 1, 20X1, Global Services, Inc Prepare a Statement of Changes in Equity for June, the $50,000

question 113

Essay

On June 1, 20X1, Global Services, Inc., was started with $50,000 invested by the owners as share capital. On June 30, the accounting records contained the following amounts: $\begin{array}{|l|r|r|r|}\hline \text { Trade Payables } & \$ 100 & \text { Office Supplies } & \$ 500 \\\hline \text { Trade Receivables } & 3,900 & \text { Rent Expense } & 1,300 \\\hline \text { Cash } & 25,100 & \text { Salary Expense } & 1,000 \\\hline \text { Share Capital } & 50,000 & \text { Supplies Expense } & 100 \\\hline \text { Consulting Fees Earned } & 8,400 & \text { Telephone Expense } & 500 \\\hline \text { Dividends Declared } & 2,100 & \text { Office Equipment } & 24,000\\\hline \end{array}$
Prepare a statement of changes in equity for June, the first month of operation. Ignore income taxes.

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Definitions:

Fast-Second Strategy

Fast-Second Strategy is a business approach where a company quickly follows innovators, improving upon their innovations or successfully commercializing them.

Dominant Firm

A company that has a large market share within its industry, giving it significant market power and the ability to influence market conditions.

New Product Innovation

The process of bringing a new product or service to the market, aiming to meet customer needs or open new markets.

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