Collette's Cookie Company provided the following account balances from its year-end trial balance. During the year, Collette issued no-par common stock. The proceeds of the new issue were $20,000 . The company is subject to a 40% income tax rate. The beginning balance in common stock was $460,000 . Collette’s Cookie Company Trial Balance (Selected Accounts) For the Current Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $1,100,300 Accumulated Other Comprehensive Income, Beginning Balance $52,350 Dividends 54,000 Sales 1,100,000 Interest Income 3,300 Dividend Income 3,650 Gain on Sale of Property 6,500 Gain on Disposal of Plant Assets 85,000 Unrealized Gain on Trading Investments 27,350 Unrealized Gain on Available-for-Sale Bonds before Tax 3,400 Gain on Sale of Discontinued Operations before Tax 50,600 Cost of Goods Sold 400,000 Selling Expenses 33,000 Office Supplies Expense 56,700 Amortization Expense 11,500 Sales Salaries Expense 24,000 Advertising Expense 23,000 Office Salaries Expense 70,000 Depreciation Expense 26,500 Legal Fees 7,700 Accounting Fees 10,000 Interest Expense 6,800 Loss on Asset Impairment 9,200 Prepare a statement of stockholders' equity for the current year. Note: You will need to solve for net income using the given information. Round to the nearest dollar. Common stock Retained Earnings Accumulated Other Comprehensive Income (Loss Stockholders Equity Balance, January 1 Balance, December 31st
Collette's Cookie Company provided the following account balances from its year-end
Collette’s Cookie Company
Trial Balance (Selected Accounts)
For the Current Year Ended December 31
Account
Debit
Credit
$1,100,300
Accumulated Other Comprehensive Income, Beginning Balance
$52,350
Dividends
54,000
Sales
1,100,000
Interest Income
3,300
Dividend Income
3,650
Gain on Sale of Property
6,500
Gain on Disposal of Plant Assets
85,000
Unrealized Gain on Trading Investments
27,350
Unrealized Gain on Available-for-Sale Bonds before Tax
3,400
Gain on Sale of Discontinued Operations before Tax
50,600
Cost of Goods Sold
400,000
Selling Expenses
33,000
Office Supplies Expense
56,700
Amortization Expense
11,500
Sales Salaries Expense
24,000
Advertising Expense
23,000
Office Salaries Expense
70,000
26,500
Legal Fees
7,700
Accounting Fees
10,000
Interest Expense
6,800
Loss on Asset Impairment
9,200
Prepare a statement of stockholders' equity for the current year. Note: You will need to solve for net income using the given information. Round to the nearest dollar.
| Common stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss | ||
| Balance, January 1 | ||||
| Balance, December 31st |
Stockholder's Equity
The quantity of assets still accessible to investors after all obligations have been satisfied is known as stakeholders' equity, sometimes known as stockholders' or owners' equity. It can be computed as the sum of a company's share capital and retained earnings less treasury shares or conversely as the company's net assets less total obligations. Common stock, paid-in capital, retained earnings, and treasury stock are all examples of stockholders' equity.
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