At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of $66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paid dividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $54,200 Accounts payable $14,600 Supplies 12,500 Utilities payable 5,600 Prepaid rent 32,000 Salaries payable 5,100 Land 280,000 Notes payable 31,000 Required: Prepare a statement of stockholders’ equity. Prepare a balance sheet.
At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in retained earnings of $66,000. During the year, the company issued additional shares of stock for $56,000, earned net income of $46,000, and paid dividends of $11,600. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $54,200 Accounts payable $14,600 Supplies 12,500 Utilities payable 5,600 Prepaid rent 32,000 Salaries payable 5,100 Land 280,000 Notes payable 31,000 Required: Prepare a statement of stockholders’ equity. Prepare a balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
At the beginning of 2024, Glasson Academy reported a balance in common stock of $166,000 and a balance in
| Assets | Liabilities | ||
|---|---|---|---|
| Cash | $54,200 | Accounts payable | $14,600 |
| Supplies | 12,500 | Utilities payable | 5,600 |
| Prepaid rent | 32,000 | Salaries payable | 5,100 |
| Land | 280,000 | Notes payable | 31,000 |
Required:
- Prepare a statement of
stockholders’ equity. - Prepare a
balance sheet .
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