E4-21 (Algo) Reporting an Income Statement, Statement of Stockholders' Equity, and Balance Sheet LO4-2 Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation UNADJUSTED Debit 18 Credit 15 10 77 11 Accounts payable Wages payable Income taxes payable Common stock (8,000 shares) 8 Additional paid-in capital 57 Retained earnings 9 Revenues (not detailed) 78 Expenses (not detailed) Totals 25 25 154 154 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $6. b. Wages payable, $9. c. Depreciation expense for the current year, $11. d. Income tax expense, $12. Assets Current assets: GREEN VALLEY COMPANY Balance Sheet (in thousands of dollars) Total current assets Net machinery Total assets Liabilities and stockholders' equity Current liabilities: 0 0 $ 0 Total current liabilities 0 Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 0 EA $ 0 Beginning balances GREEN VALLEY COMPANY Statement of Stockholders' Equity (in thousands of dollars) Common Stock Additional Paid-in Capital Retained Earnings Total Stockholder' Equity Ending balances $ 0 0 0 0 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Using the adjusted balances, prepare an income statement for the current year. Note: Enter your answers in thousands. Round "Earnings per share" to 2 decimal places. GREEN VALLEY COMPANY Income Statement For the Current Year Ended December 31 (in thousands of dollars) Revenues (not detailed) $ 78 Expenses 25 x Pretax income 53 Income tax expense 12 Net income $ 41 Earnings per share $ 5.13 Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. GREEN VALLEY COMPANY Statement of Stockholders' Equity For the Current Year Ended December 31 (in thousands of dollars) Beginning balances Stock issuance Net income Dividends declared Ending balances Additional Common Retained Paid-in Stock Earnings Capital Total Stockholder' Equity 0 $ 0 0 0 8 57 65 41 41 x (9) (9) $ 8 57 $ 32 97 < Required 1 Required 3 > urrent assets. Cash Accounts receivable Prepaid insurance 18 15 10 Total current assets 43 Machinery 77 Accumulated depreciation (11) Net machinery Total assets Liabilities and stockholders' equity Current liabilities: Accounts payable Wages payable Income taxes payable Total current liabilities Stockholders' equity Common stock 66 $ 109 11 9 12 32 8 Liabilities and stockholders' equity Current liabilities: Accounts payable Wages payable Income taxes payable 11 9 12 Total current liabilities 32 Stockholders' equity Common stock Additional paid-in capital Retained earnings 8 57 32 Total stockholders' equity 97 Total liabilities and stockholders' equity $ 129 Required 2 Required 3