On January 1, the balance of the Retained Earnings account was $37,500. The company's common stock account had an opening balance of $45,000 and new contributions during the year totaled $5,250 . On December 31, at year-end, the Dividends account had a balance of $4,275. The income statement shows net income of $22,500. Prepare a statement of stockholders' equity for A. Miller & Company, architectural design firm. Note: Use a negative sign with your answers for the "Less" amounts.
On January 1, the balance of the Retained Earnings account was $37,500. The company's common stock account had an opening balance of $45,000 and new contributions during the year totaled $5,250 . On December 31, at year-end, the Dividends account had a balance of $4,275. The income statement shows net income of $22,500. Prepare a statement of stockholders' equity for A. Miller & Company, architectural design firm. Note: Use a negative sign with your answers for the "Less" amounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:**Statement of Stockholders’ Equity**
On January 1, the balance of the Retained Earnings account was $37,500.
The company’s common stock account had an opening balance of $45,000, and new contributions during the year totaled $5,250.
On December 31, at year-end, the Dividends account had a balance of $4,275.
The income statement shows a net income of $22,500.
Prepare a statement of stockholders’ equity for A. Miller & Company, architectural design firm.
*Note: Use a negative sign with your answers for the "Less" amounts.*
---
**A. Miller & Company**
**Statement of Stockholders' Equity**
**For Year Ended December 31**
| | Common Stock | Retained Earnings | Total |
|-----------------------------|--------------|-------------------|-------|
| Balance, January 1 | $ 0 | $ 0 | $ 0 |
| Add: | | | |
| Common Stock | 0 | 0 | 0 |
| Net income | 0 | 0 | 0 |
| Less: | | | |
| Dividends | 0 | 0 | 0 |
| Balance, December 31 | $ 0 | $ 0 | $ 0 |
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