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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Complete a Statement of
![Part One: Complete the Statement of Stockholders' Equity heading and Capital Stock section.
Using the Statement of Stockholders Equity file that you previously downloaded create a heading for Elizabeth's
Wholesale Clothing Company for the year ended December 31, 20XX. Use the information below to complete the
capital stock section of the statement.
Par Value
$25.00
January 1, 20XX
25,000 Shares Issued
Issued during Current Year
7,000 Shares
Part Two: Complete the Retained Earnings section and complete the statement by finding the total of
stockholders' equity.
Use the information below to complete the retained earnings section of the statement.
Retained Earnings, Balance, January 1, 20XX $190,000.00
Net Income After Federal Income Tax for 20XX $76,000.00
Dividends Declared during 20XX
$21,000.00
Have you completed your Statement of Stockholders Equity assignment file?
Did you complete all of the sections?
Did you find the ending balance for capital stock?
Did you find the ending balance for retained earnings?
Did you add capital stock and retained earnings to find the total for stockholders' equity?
If you can answer yes to these questions then you are at the right place to submit your work for credit.](https://content.bartleby.com/qna-images/question/c42b784f-2957-4375-9bc0-68e2b5b52844/b6320568-186c-4c50-b757-47277c072232/phz2jli_thumbnail.png)
Transcribed Image Text:Part One: Complete the Statement of Stockholders' Equity heading and Capital Stock section.
Using the Statement of Stockholders Equity file that you previously downloaded create a heading for Elizabeth's
Wholesale Clothing Company for the year ended December 31, 20XX. Use the information below to complete the
capital stock section of the statement.
Par Value
$25.00
January 1, 20XX
25,000 Shares Issued
Issued during Current Year
7,000 Shares
Part Two: Complete the Retained Earnings section and complete the statement by finding the total of
stockholders' equity.
Use the information below to complete the retained earnings section of the statement.
Retained Earnings, Balance, January 1, 20XX $190,000.00
Net Income After Federal Income Tax for 20XX $76,000.00
Dividends Declared during 20XX
$21,000.00
Have you completed your Statement of Stockholders Equity assignment file?
Did you complete all of the sections?
Did you find the ending balance for capital stock?
Did you find the ending balance for retained earnings?
Did you add capital stock and retained earnings to find the total for stockholders' equity?
If you can answer yes to these questions then you are at the right place to submit your work for credit.
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- When preparing the balance sheet, the only two stockholders' equity accounts thus far in the class are coming from Multiple Choice the unadjusted trial balance. the t accounts. investments made directly by the shareholders. the statement of stockholders' equity. G Styarrow_forwardWhat item appears on both the balance sheet and the statement of owners equity?arrow_forwardThe account which increases equity is known as? A. Debit Account B. Credit Account C. Revenue D. Treasury Stockarrow_forward
- And prepare the equity section of the balance sheet pleasearrow_forwardNoor started her business on June 1, 2020. Noor Trial Balance August 31, 2020 SL Particulars 1 Cash Debit Credit 55,600 2 Supplies Prepaid Insurance 16,300 3 16,000 4 Land 22,000 5 Cottages 5,000 6. Furniture 26,000 7 Account Payable 16,500 Unearned Rent 9 Mortgage Payable 10 Capital 8 10,400 10,000 70,000 11 Drawing 5,000 12 Rent Revenue 13 Repair Expense 57,000 3,600 14 Salaries Expense 5,000 15 Utility Expense 9,400 ТОTAL 163.900 163,900arrow_forwardDescribe the purpose of the balance sheet and disclosure notes in the financial statement, give examples.arrow_forward
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