E connect ING Chapter 1 Assignment instructions I help Question 4 (of 7 3.00 poi

Question

E connect ING Chapter 1 Assignment instructions I help Question 4 (of 7 3.00 points At the begining of 2018. Artichoke Academy reported a baiance n common sock of $151,000 and a baance in redained omings d $51,000 Dung he yeasc the company At the beginning of 2018, issued additional shares of stock for $41,000, earned net income of $31,000, and paid dividends of $10,100. In addition, the company reported balances for the following assets and liabilities on December 31 Cash $ 52,700 Accounts payable Prepaid rent Land 11,000 Utilities payable 24,500 Salaries payable $7,100 2,600 3,600 16,000 205,000 Notes payable Required: 1. Prepare a statement of stockholders equity. ARTICHOKE ACADEMY Statement of Stockholders' Equity Total Retained Stockholders Common Stock Retained Beginning balance 151,000 51,00 202000 21 POF

Explanation / Answer

Balance sheet of L incorporation Assets Amount Laibilities Amount Cash 52700 Accounts payable 7100 Supplies 11000 Salaries payable 3600 land 205000 notes payable 16000 prepaid rent 24500 utilities payable 2600 29300 shareholder's equity common stock         192000 retained earning 71900 Total stockholder's equity 263900 Total Assets 293200 Total laibilities & stockholder's equity 293200 L incorporation statement of stockholder's equity Details Common stock retained earning total stockholders equity Beginning balance 151000 51000 202000 issuance of common stock 41000 41000 add: net income for the month 31000 31000 less: dividend declared -10100 -10100 ending balance 192000 71900 263900

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