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Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (5,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit Credit 26 23 18 85 19 19 65 55 17 113 33 202 202 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $11. b. Wages payable, $12. c. Depreciation expense for the current year, $14. d. Income tax expense, $11. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. GREEN VALLEY COMPANY Statement of Stockholders' Equity For the Current Year Ended December 31 (in thousands of dollars) Common Stock Beginning balances $ 10 Stock issuance Dividends declared 5 Additional Paid-in Capital Total Stockholder' Equity Retained Earnings 60 $ 0 $ 0 $ 65 0 (17) Net income 32 32 Ending balances $ 5 $ 65 $ 15 $ 32

Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (5,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit Credit 26 23 18 85 19 19 65 55 17 113 33 202 202 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $11. b. Wages payable, $12. c. Depreciation expense for the current year, $14. d. Income tax expense, $11. Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. GREEN VALLEY COMPANY Statement of Stockholders' Equity For the Current Year Ended December 31 (in thousands of dollars) Common Stock Beginning balances $ 10 Stock issuance Dividends declared 5 Additional Paid-in Capital Total Stockholder' Equity Retained Earnings 60 $ 0 $ 0 $ 65 0 (17) Net income 32 32 Ending balances $ 5 $ 65 $ 15 $ 32

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 5RE
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Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (5,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit Credit 26 23 18 85 19 19 65 55 17 113 33 202 202 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $11. b. Wages payable, $12. c. Depreciation expense for the current year, $14. d. Income tax expense, $11.
Transcribed Image Text:Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (5,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit Credit 26 23 18 85 19 19 65 55 17 113 33 202 202 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $11. b. Wages payable, $12. c. Depreciation expense for the current year, $14. d. Income tax expense, $11.
Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. GREEN VALLEY COMPANY Statement of Stockholders' Equity For the Current Year Ended December 31 (in thousands of dollars) Common Stock Beginning balances $ 10 Stock issuance Dividends declared 5 Additional Paid-in Capital Total Stockholder' Equity Retained Earnings 60 $ 0 $ 0 $ 65 0 (17) Net income 32 32 Ending balances $ 5 $ 65 $ 15 $ 32
Transcribed Image Text:Using the adjusted balances, prepare statement of stockholders' equity for the current year. The balance in retained earnings represents dividends that were declared and paid in the current year. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. GREEN VALLEY COMPANY Statement of Stockholders' Equity For the Current Year Ended December 31 (in thousands of dollars) Common Stock Beginning balances $ 10 Stock issuance Dividends declared 5 Additional Paid-in Capital Total Stockholder' Equity Retained Earnings 60 $ 0 $ 0 $ 65 0 (17) Net income 32 32 Ending balances $ 5 $ 65 $ 15 $ 32
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