Hi I had this Question answered but I don’t understand where they got the $300 balance in common stock. Can you explain that for me Net Income35,000Step 2Answer:FIGHTIN' BLUE HENS CORPORATIONStatement of Stockholders' Equityfor the year ended December 31, 2021TotalCommonRetainedParticularsShareholders'StockEarningsEquityBalance at January 1300,000 $60,000 S360,000add: Net Income2$35,000 $35,000Balance at December 31300,000 S95,000395,000Was this solution helpful?APR27WescF2F3F4F6#3%244.WR [The following information applies to the questions displayed below.]The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented beAccountSDebitCreditCash12,000150,0006,00030,000400,000Accounts ReceivablePrepaid RentSuppliesEquipmentAccumulated DepreciationAccounts PayableSalaries PayableInterest PayableNotes Payable (due in two years)$ 135,00012,00011,0005,00040,000300,00060,000500,000Common StockRetained EarningsService RevenueSalaries ExpenseRent ExpenseDepreciation ExpenseInterest Expense400,00020,00040,0005,000Totals$1,063,000$1,063,0002. Prepare a statement of stockholders' equity for the year ended December 31, 2021, assuming no common st2021.< Prev4of 4Next >APR27WF2F3F4F5F6F7

Statement of shareholders equity is an section in the balance sheet of the business which shows all…

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Hi I had this Question answered but I don’t understand where they got the $300 balance in common stock. Can you explain that for me

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Hi I had this Question answered but I don’t understand where they got the $300 balance in common stock. Can you explain that for me

Net Income
35,000
Step 2
Answer:
FIGHTIN' BLUE HENS CORPORATION
Statement of Stockholders' Equity
for the year ended December 31, 2021
Total
Common
Retained
Particulars
Shareholders'
Stock
Earnings
Equity
Balance at January 1
300,000 $
60,000 S
360,000
add: Net Income
2$
35,000 $
35,000
Balance at December 31
300,000 S
95,000
395,000
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[The following information applies to the questions displayed below.]
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented be
AccountS
Debit
Credit
Cash
12,000
150,000
6,000
30,000
400,000
Accounts Receivable
Prepaid Rent
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Salaries Payable
Interest Payable
Notes Payable (due in two years)
$ 135,000
12,000
11,000
5,000
40,000
300,000
60,000
500,000
Common Stock
Retained Earnings
Service Revenue
Salaries Expense
Rent Expense
Depreciation Expense
Interest Expense
400,000
20,000
40,000
5,000
Totals
$1,063,000
$1,063,000
2. Prepare a statement of stockholders' equity for the year ended December 31, 2021, assuming no common st
2021.
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