Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Preparing the Statement of Stockholders Equity Presented below is financial data for Likert & Co. as of year-end 2016: Cash $7,500 Retained Earnings, January 1,
Preparing the Statement of Stockholders Equity Presented below is financial data for Likert & Co. as of year-end 2016:
Cash | $7,500 |
Retained Earnings, January 1, 2016 | 15,000 |
Intangible Assets | 25,000 |
Common Stock | 50,000 |
Accounts Payable | 4,000 |
Dividends paid | 13,000 |
Accumulated Depreciation | (14,000) |
Net Income | 35,000 |
Stockholders' Equity, January 1, 2016 | 65,000 |
Retained Earnings, December 31, 2016 | 37,000 |
Stockholders' Equity, December 31, 2016 | 87,000 |
Required Prepare a statement of stockholders equity for Likert & Co. as of December 31, 2016
LIKERT &CO. Statement of Stockholders' Equity For the Year Ended December 31, 2016 Common Stock Retained Earnings Total Balance, January 1 Add: Net Income for the year Less: Dividends paid (enter as negative) Balance, December 31Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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