Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you help me fill out the Statement on Stockholders Equity? thanks! (Starting numbers provided) Statement on Stockholders' Equity Year 2 3 4 5 6
Can you help me fill out the Statement on Stockholders Equity? thanks! (Starting numbers provided)
Statement on Stockholders' Equity Year 2 3 4 5 6 Beginning Common Stock & APIC 7 Plus: common stock issued 8 Plus: additional paid in capital 9 Ending Common Stock $ 10 11 Beginning Retained Earnings 12 Plus: Net Income 13 Less: Dividends 14 Ending Retained Earnings 15 16 Total Stockholders' Equity Budget Template Income Statement s $ Stockholders' Equity - Balance Sheet Cash Flow a . . . . . . . Year 2 Transaction List: Acquired $550,000 by signing a note payable with a local bank Sold 25,000 shares of $22 Common Stock for $1,500,000 Purchased Equipment for $300,000 Purchased Inventory on Account - 25,000 Units at $1.15 per unit Sold 15,000 units at $3.50 on Account Record COGS for Sales on Account Collect $70,000 on Account Paid $117,250 of Accounts Payable Purchased Inventory on Account - 170,000 Units at $1.50 per unit Sold 175,000 units at $3.50 on Account Record COGS for Sales on Account Collect $472,500 on Account Paid $218,600 of Accounts Payable Purchased Inventory on Account - 275,000 Units at $1.35 per unit Sold 200,000 units at $3.50 on Account Record COGS for Sales on Account Collect $735,000 on Account Purchased Inventory on Account - 300,000 Units at $1.15 per unit Paid $494,150 of Accounts Payable Paid Sales & Marketing Expenses of $30,000 Paid Operating Expenses of $75,708 Record Wages Payable of $40,000 Paid Product Line Research & Development Expenses of $150,000 Paid Advertising Expenses of $87,500 Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. Record first year of depreciation expense on equipment purchased in Year 2 with salvage value of $38,000 & useful life of 7 yrs Declared a $10,000 cash dividend for stockholders Paid a $10,000 cash dividend for stockholders . . . . . . . . . . +0 Format - Fant Agent Formatting Table Styles S Number Select ang Data Anal Cels Smutty 6 N P ding SO 00000 Balance shoot Lab LUTY ACCUOLAGGIO DIV. Poyobo No soyable Wege Commonstock AMC rotondomi 0.333.000.000.00 2.000.000.000.000 Acties for refined Assets Cash Accts Rec Inventory Equipment $ 257,000.00 $ 17,500.00 $ 28,000.00 Land Building $ 50,000.00 $ 250,000.00 Statement on Stockholders' Equity Year 2 3 4 5 6 Beginning Common Stock & APIC 7 Plus: common stock issued 8 Plus: additional paid in capital 9 Ending Common Stock $ 10 11 Beginning Retained Earnings 12 Plus: Net Income 13 Less: Dividends 14 Ending Retained Earnings 15 16 Total Stockholders' Equity Budget Template Income Statement s $ Stockholders' Equity - Balance Sheet Cash Flow a . . . . . . . Year 2 Transaction List: Acquired $550,000 by signing a note payable with a local bank Sold 25,000 shares of $22 Common Stock for $1,500,000 Purchased Equipment for $300,000 Purchased Inventory on Account - 25,000 Units at $1.15 per unit Sold 15,000 units at $3.50 on Account Record COGS for Sales on Account Collect $70,000 on Account Paid $117,250 of Accounts Payable Purchased Inventory on Account - 170,000 Units at $1.50 per unit Sold 175,000 units at $3.50 on Account Record COGS for Sales on Account Collect $472,500 on Account Paid $218,600 of Accounts Payable Purchased Inventory on Account - 275,000 Units at $1.35 per unit Sold 200,000 units at $3.50 on Account Record COGS for Sales on Account Collect $735,000 on Account Purchased Inventory on Account - 300,000 Units at $1.15 per unit Paid $494,150 of Accounts Payable Paid Sales & Marketing Expenses of $30,000 Paid Operating Expenses of $75,708 Record Wages Payable of $40,000 Paid Product Line Research & Development Expenses of $150,000 Paid Advertising Expenses of $87,500 Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. Record first year of depreciation expense on equipment purchased in Year 2 with salvage value of $38,000 & useful life of 7 yrs Declared a $10,000 cash dividend for stockholders Paid a $10,000 cash dividend for stockholders . . . . . . . . . . +0 Format - Fant Agent Formatting Table Styles S Number Select ang Data Anal Cels Smutty 6 N P ding SO 00000 Balance shoot Lab LUTY ACCUOLAGGIO DIV. Poyobo No soyable Wege Commonstock AMC rotondomi 0.333.000.000.00 2.000.000.000.000 Acties for refined Assets Cash Accts Rec Inventory Equipment $ 257,000.00 $ 17,500.00 $ 28,000.00 Land Building $ 50,000.00 $ 250,000.00 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