Using Excel to Calculate Equity Balances PROBLEM Pasta Creations issued additional shares of common shares, reported net income, and declared dividends during the year. Information concerning its equity is provided here. Beginning of year common shares Beginning of year retained earnings. Additional common shares issued Net income reported Dividends declared $ 98,000 476,000 52,000 78,000 16,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as a. Calculate the ending balances of (1) common shares, (2) retained earnings, and (3) total shareholders' equity. Common shares Retained earnings Total shareholders' equity
Using Excel to Calculate Equity Balances PROBLEM Pasta Creations issued additional shares of common shares, reported net income, and declared dividends during the year. Information concerning its equity is provided here. Beginning of year common shares Beginning of year retained earnings. Additional common shares issued Net income reported Dividends declared $ 98,000 476,000 52,000 78,000 16,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as a. Calculate the ending balances of (1) common shares, (2) retained earnings, and (3) total shareholders' equity. Common shares Retained earnings Total shareholders' equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Using Excel to Calculate Equity Balances
PROBLEM
Pasta Creations issued additional shares of common shares,
reported net income, and declared dividends during the
year. Information concerning its equity is provided here.
Beginning of year common shares
Beginning of year retained earnings
Additional common shares issued
Net income reported
Dividends declared
$ 98,000
476,000
52,000
78,000
16,000
Student Work Area
Required: Provide input into cells shaded in yellow in this
template. Input the required mathematical formulas or functions
with cell references to the Problem area or work area as
a. Calculate the ending balances of (1) common shares, (2)
retained earnings, and (3) total shareholders' equity.
Common shares
Retained earnings
Total shareholders' equity
b. Calculate the same amounts if the company had reported a
net loss rather than net income and had not declared any
dividends.
Net loss amount
Common shares
Retained earnings
Total shareholders' equity
$
72,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 3 images
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