Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gator Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2021,

image text in transcribed
image text in transcribed
Gator Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2021, the company reports the following amounts: Advertising expense Buildings Salaries expense Accounts payable Cash $ 31,700 Service revenue 132,000 Interest expense 63,300 Utilities expense 4,600 Equipment 3,700 Notes payable $118,600 1,700 13,700 18,000 21,000 In addition, the company had common stock of $100.000 at the beginning of the year and issued an additional $10,000 during the year. The company also had retained earnings of $13,300 at the beginning of the year and paid dividends of $3,400. Required: 1. Prepare the income statement for Gator Investments. 2. Prepare the statement of stockholders' equity for Gator Investments. 3. Prepare the balance sheet for Gator Investments. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the statement of stockholders' equity for Gator Investments. GATOR INVESTMENTS Statement of Stockholders' Equity For the year ended Dec. 31, 2021 Retained Common Stock Earnings Beginning balance Issuance of common stock Add: Net income Less: Dividends Ending balance Total Stockholders' Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions