Cash Receivables from customers (all considered collectible) $ 25,400 12,700 Inventory of merchandise (based on physical count and priced at cost) 80,000 Equipment owned, at cost less used portion 42,100 Accounts payable owed to suppliers 47,040 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 2,400 Total sales revenue 133,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 82,200 Income tax expense at 30% x pretax income; all paid during the current year Common stock (December 31) ? 85,800 Dividends declared and paid during the current year 10,600 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) P1-1 Part 2 2. Prepare a statement of stockholders' equity for the year. Answer is not complete. HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity For the Year Ended December 31, Current Year Common Retained Stock Earnings Balance January 1, Current year $ 0 $ 0 Stock issuance 85,800 0 Add: Net income 0 15,240 Less: Dividends 0 10,600 Ralance December 31 Current vaar $ 85 800
Cash Receivables from customers (all considered collectible) $ 25,400 12,700 Inventory of merchandise (based on physical count and priced at cost) 80,000 Equipment owned, at cost less used portion 42,100 Accounts payable owed to suppliers 47,040 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 2,400 Total sales revenue 133,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 82,200 Income tax expense at 30% x pretax income; all paid during the current year Common stock (December 31) ? 85,800 Dividends declared and paid during the current year 10,600 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) P1-1 Part 2 2. Prepare a statement of stockholders' equity for the year. Answer is not complete. HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity For the Year Ended December 31, Current Year Common Retained Stock Earnings Balance January 1, Current year $ 0 $ 0 Stock issuance 85,800 0 Add: Net income 0 15,240 Less: Dividends 0 10,600 Ralance December 31 Current vaar $ 85 800
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
am. 117.
Transcribed Image Text:Cash
Receivables from customers (all considered collectible)
$ 25,400
12,700
Inventory of merchandise (based on physical count and priced at cost)
80,000
Equipment owned, at cost less used portion
42,100
Accounts payable owed to suppliers
47,040
Salary payable (on December 31, this was owed to an employee who will be paid on January 10)
2,400
Total sales revenue
133,000
Expenses, including the cost of the merchandise sold (excluding income taxes)
82,200
Income tax expense at 30% x pretax income; all paid during the current year
Common stock (December 31)
?
85,800
Dividends declared and paid during the current year
10,600
(Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.)
P1-1 Part 2
2. Prepare a statement of stockholders' equity for the year.
Answer is not complete.
HIGHLIGHT CONSTRUCTION COMPANY
Statement of Stockholders' Equity
For the Year Ended December 31, Current Year
Common
Retained
Stock
Earnings
Balance January 1, Current year
$
0 $
0
Stock issuance
85,800
0
Add: Net income
0
15,240
Less: Dividends
0
10,600
Ralance December 31 Current vaar
$
85 800
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