Consider Southeast Home Care, a for profit business. In 2011, its net income was $1,500,000 and it distributed $500,000 to owners in the form off…

Consider Southeast Home Care, a for profit business. In 2011, its net income was $1,500,000 and it distributed $500,000 to owners in the form off dividends. Its beginnni of year equity balance was $12,000,000. Use this infromation to contruct the business’s statement of changes in equity. What is the ending 2011 value of the business’s equity account?

SolutionNet IncomeDividendBeginning balance of equity 1,500,000500,00012,000,000 Statement of retained earningsBegining Balance of EquityAdd: Net IncomeLess: DividendEnding Balance of…

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