Answered step by step
Verified Expert Solution
Question
1 Approved Answer
At the beginning of 2021, Artichoke Academy reported a balance in common stock of $169,000 and a balance in retained earnings of $69,000. During the
At the beginning of 2021, Artichoke Academy reported a balance in common stock of $169,000 and a balance in retained earnings of $69,000. During the year, the company issued additional shares of stock for $59,000, earned net income of $49,000, and paid dividends of $11,900. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Cash Supplies Prepaid rent Land $ 54,500 12,800 33,500 295,000 Liabilities Accounts payable Utilities payable Salaries payable Notes payable $ 16,100 6,200 5,400 34,000 Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. ARTICHOKE ACADEMY Statement of Stockholders' Equity For the Year Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity Beginning Balance Ending Balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started