Trump Co. reported the following values on it's 2020 adjusted trial balance: common stock $1,129,000; treasury stock $68,000; dividends $215,000; and retained earnings $10,726,000. Based on these values, what should Trump Co. report at total stockholders' equity on its 2020 balance sheet? (AC 22 O $11,572,000 O $11,923,000 O $11,787,000 O $12,002,000
Trump Co. reported the following values on it's 2020 adjusted trial balance: common stock $1,129,000; treasury stock $68,000; dividends $215,000; and retained earnings $10,726,000. Based on these values, what should Trump Co. report at total stockholders' equity on its 2020 balance sheet? (AC 22 O $11,572,000 O $11,923,000 O $11,787,000 O $12,002,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
Step 1
Stockholders' equity refers to the amount/funds that belong to the stockholders, and owner. It is the amount remaining from the total assets after settling all the liabilities. It can also be calculated by taking the sum of preference and common shares and retained earnings.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education