At the beginning of the year Vanuary 1), the Company Liary 1), the Company has $120,000 of common stoek and retained earmingsof $90,00O. During the year, the company reports net income of $75,000 and declares đividends of $00000.In addition, the company issues additional common stock for $60,000. Determine the following as ofDecember 31st: Do not include $ in your answer.Ending Common stockEnding retained earningsEnding Stockholders' Equity• PreviousMacBook Air

has $120,000 of common stock and retained earmings IPing the year, the company reports net income of $75,000 and declares diidends of $30.000. In addition, the company issues additional common stock for $60,000. Determine the following as of December 31st: Do not include $ in your answer. Ending Common stock Ending retained earnings Ending Stockholders' Equity

has $120,000 of common stock and retained earmings IPing the year, the company reports net income of $75,000 and declares diidends of $30.000. In addition, the company issues additional common stock for $60,000. Determine the following as of December 31st: Do not include $ in your answer. Ending Common stock Ending retained earnings Ending Stockholders' Equity

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 10CDQ: Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total...

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Question

At the beginning of the year Vanuary 1), the Company

Liary 1), the Company has $120,000 of common stoek and retained earmings
of $90,00O. During the year, the company reports net income of $75,000 and declares đividends of $00000.
In addition, the company issues additional common stock for $60,000. Determine the following as of
December 31st: Do not include $ in your answer.
Ending Common stock
Ending retained earnings
Ending Stockholders' Equity
• Previous
MacBook Air

Expert Solution

Step 1

Lets understand the basics.

We can calculate the requirement by the equations below:-

Ending common stock = Opening common stock + Common stock issued - Common stock repurchased

Ending retained earnings = Opening retained earning + Net income - Dividend paid

Ending stockholder's equity = Ending common stock + Ending retained earning

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