Part 2-10 Points: Chesterton Inc. began the year with assets of $500 and equity

Question

Part 2-10 Points: Chesterton Inc. began the year with assets of $500 and equity of $150 including $100 in retained earnings. There was no treasury stock accumulated other comprehensive income or non-controlling interest at the beginning of the year. During the year the company declared and paid dividends of $20 and repurchased common stock at a cost of $30. These were the only transactions with the owners during the year. At the end of the year assets were $570 and liabilities were $370 1) what was the amount of liabilities at the beginningof the year? 25a 50-100 2) what was the amount of paid-in-capital at the beginningof the year? 570 -370 3) How much total equity was there at the end of the year? 200 4) How much comprehensive income was earned during the year?l0 ) If other comprehensive income was a gain of $10 how much was retained earnings at the end of the year? 90

Explanation / Answer

4)

5) Total equity at year end = $200

If other comprehensive income was a gain of $10, then

200 = 80 + Retained earnings + 10

Thus, Retained earnings = 200 - 90 = $110

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