At the beginning of 2021, Artichoke Academy reported a balance in common stock of $150,000 and a balance in retained earnings of $50,000. During the year, the company issued additional shares of stock for $40,000, earned net income of $30,000, and paid dividends of $10,000. In addition, the company reported balances for the following assets and liabilities on December 31.Assets LiabilitiesCash $ 52,600 Accounts payable $ 9,100Supplies 13,400 Utilities payable 2,400Prepaid rent 24,000 Salaries payable 3,500Land 200,000 Notes payable 15,000Required: 1. Prepare a statement of stockholders’ equity. 2. Prepare a balance sheet.
At the beginning of 2021, Artichoke Academy reported a balance in common stock of $150,000 and a balance in
Assets Liabilities
Cash $ 52,600 Accounts payable $ 9,100
Supplies 13,400 Utilities payable 2,400
Prepaid rent 24,000 Salaries payable 3,500
Land 200,000 Notes payable 15,000
Required:
1. Prepare a statement of
2. Prepare a
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