FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Stockholders' equity totaled $38,000 at the beginning of the year. During the year, net income was $8,000, dividends of $2,500 were
declared and paid, and $6,000 of common stock was issued at par value.
Required:
Calculate total stockholders' equity at the end of the year. Indicate the financial statement effect.
Note: Enter decreases with a minus sign to indicate a negative financial statement effect.
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Transcribed Image Text:Stockholders' equity totaled $38,000 at the beginning of the year. During the year, net income was $8,000, dividends of $2,500 were declared and paid, and $6,000 of common stock was issued at par value. Required: Calculate total stockholders' equity at the end of the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect.
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