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At the beginning of 2021, 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 2021, 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. Cash Supplies Prepaid rent Land Assets Liabilities $ 53,300 11,600 27,500 Accounts payable Utilities payable Salaries payable 235,000 Notes payable Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. $10,100 3,800 4,200 22,000
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