Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Joanne's Steakhouse is the largest upscale steakhouse company in the United States, based on total company- and franchisee-owned restaurants. The company's menu features a broad
Joanne's Steakhouse is the largest upscale steakhouse company in the United States, based on total company- and franchisee-owned restaurants. The company's menu features a broad selection of high-quality USDA prime steaks and other premium offerings. Select information from the company's annual report is shown below: a. Common stock, $0.01 par value, 100,190,000 shares authorized, 23,235,356 issued and outstanding at December 31, 2014; 23,383,356 issued and outstanding at December 31, 2013. b. Additional paid-in capital: $180,431,000 at the end of 2014 and $190,389,000 at the end of 201:3 c. Accumulated deficit: $81,097,000 at the end of 2013 d. In 2014, net income was $54,383,000 and a cash dividend of $7,138,000 was paid. Required: Prepare the stockholders' equity section of the balance sheet at December 31, 2014, using this select information. (Amounts to be deducted should be indicated with a minus sign.) JOANNE'S STEAKHOUSE Balance Sheet (Partial) At December 31 2014 2013 Shareholders' equity Common stock Additional paid-in capital Premium on bonds payable Accumulated deficit Total shareholders' equity
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