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Abe's Steakhouse is the largest upscale steakhouse company in the United States, based on total company and franchisee-owned restaurants. The company's menu features a broad
Abe's Steakhouse is the largest upscale steakhouse company in the United States, based on total company and franchisee-owned restaurants. The company's menu features a broad selection of high-quality steaks and other premium offerings. Assume the Information below is from a recent annual report: a. Common stock, $0.01 par value; 100,050,000 shares authorized; 23,513,356 issued and outstanding at the end of the current year, 23,345,356 issued and outstanding at the end of last year. b. Additional pald-in capital: $193,389,000 at the end of the current year and $169,431,000 at the end of last year. c. Retained earnings / (accumulated deficit): ($80,697,000) at the end of last year. d. In the current year, net income was $55,283,000 and a cash dividend of $7,138,000 was paid. Required: Prepare the stockholders' equity section of the balance sheet to reflect the above Information for the current year and last year. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. ABE'S STEAKHOUSE Balance Sheet (Partial) Current Year Last Year Shareholders' equity Common stock 233,454 Additional paid-in capital 169.431.000 X (80.697.000) X Accumulated deficit Total shareholders' equity 88.967.454 0
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