E5-10. Prepare Statement of Stockholders’ Equity. Ciara's Cookie Company provided the following account balances from its year-end trial balance. Ciara's Cookie Company Trial Balance (Selected Accounts) For the Current Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $1,200,950 $ 55,675 Accumulated Other Comprehensive Income, Beginning Balance Dividends 57,000 Sales 1,200,895 Interest Income 3,400 Dividend Income 3,250 Gain on Sale of Property 6,789 Gain on Disposal of Plant Assets 76,000 Unrealized Gain on Trading Investments 27,250 Unrealized Gain on Available-for-Sale Bonds before Tax 3,500 Gain on Sale of Discontinued Operations before Tax 56,780 Cost of Goods Sold 450,000 Selling Expenses 37,450 Office Supplies Expense 54,800 Amortization Expense 12,000 Sales Salaries Expense 23,500 Advertising Expense 21,500 Office Salaries Expense 65,000 Depreciation Expense 25,500 Legal Fees 8,000 Accounting Fees 10,425 Interest Expense 6,700 Loss on Asset Impairment 9,050 During the year, Ciara issued no-par common stock. The proceeds of the new issue were $25,000. The com- pany is subject to a 40% income tax rate. The beginning balance in common stock was $456,000. 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.
E5-10. Prepare Statement of Stockholders’ Equity. Ciara's Cookie Company provided the following account balances from its year-end trial balance. Ciara's Cookie Company Trial Balance (Selected Accounts) For the Current Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $1,200,950 $ 55,675 Accumulated Other Comprehensive Income, Beginning Balance Dividends 57,000 Sales 1,200,895 Interest Income 3,400 Dividend Income 3,250 Gain on Sale of Property 6,789 Gain on Disposal of Plant Assets 76,000 Unrealized Gain on Trading Investments 27,250 Unrealized Gain on Available-for-Sale Bonds before Tax 3,500 Gain on Sale of Discontinued Operations before Tax 56,780 Cost of Goods Sold 450,000 Selling Expenses 37,450 Office Supplies Expense 54,800 Amortization Expense 12,000 Sales Salaries Expense 23,500 Advertising Expense 21,500 Office Salaries Expense 65,000 Depreciation Expense 25,500 Legal Fees 8,000 Accounting Fees 10,425 Interest Expense 6,700 Loss on Asset Impairment 9,050 During the year, Ciara issued no-par common stock. The proceeds of the new issue were $25,000. The com- pany is subject to a 40% income tax rate. The beginning balance in common stock was $456,000. 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:E5-10. Prepare Statement of Stockholders' Equity. Ciara's Cookie Company provided the following account
balances from its year-end trial balance.
Ciara's Cookie Company
Trial Balance (Selected Accounts)
For the Current Year Ended December 31
Account
Debit
Credit
Retained Earnings, Beginning Balance
$1,200,950
$ 55,675
Accumulated Other Comprehensive Income, Beginning
Balance
Dividends
57,000
Sales
1,200,895
Interest Income
3,400
Dividend Income
3,250
Gain on Sale of Property
6,789
Gain on Disposal of Plant Assets
76,000
Unrealized Gain on Trading Investments
27,250
Unrealized Gain on Available-for-Sale Bonds before Tax
3,500
Gain on Sale of Discontinued Operations before Tax
56,780
Cost of Goods Sold
450,000
Selling Expenses
37,450
Office Supplies Expense
54,800
Amortization Expense
12,000
Sales Salaries Expense
23,500
Advertising Expense
21,500
Office Salaries Expense
65,000
Depreciation Expense
25,500
Legal Fees
8,000
Accounting Fees
10,425
Interest Expense
6,700
Loss on Asset Impairment
9,050
During the year, Ciara issued no-par common stock. The proceeds of the new issue were $25,000. The com-
pany is subject to a 40% income tax rate. The beginning balance in common stock was $456,000.
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.
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