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At the beginning of 2018, Artichoke Academy reported a balance in common stock of $157,000 and a balance in retained earnings of $57,000. During the
At the beginning of 2018, Artichoke Academy reported a balance in common stock of $157,000 and a balance in retained earnings of $57,000. During the year, the company issued additional shares of stock for $47,000, earned net income of $37,000, and paid dividends of $10,700. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Cash Supplies Prepaid rent Land Liabilities $ 53,300 Accounts payable 11,600 Utilities payable 27,500 Salaries payable 235,000 Notes payable $ 10,100 3.800 4,200 22.000 Required: 1. Prepare a statement of stockholders' equity. Text ARTICHOKE ACADEMY Statement of Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Beginning balance Ending balance 2. Prepare a balance sheet. ARTICHOKE ACADEMY Balance Sheet Assets Liabilities Total liabilities 0 Stockholders' Equity 0 Total stockholders' equity Total liabilities and stockholders' equity Total assets $ 0 $ 0
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