You have been asked to assist with the preparation of a statement of stockholders' equity for Maxx Company for the current year ended December 31. You determine the following balances: Beginning-of-year common stock $5,000 Beginning-of-year retained earnings 7,500 Net income 2,500 Dividends paid 250 Issuance of common stock 400 Prepare a statement of stockholders' equity for Maxx Company for the current year. Note: Use a negative sign to shown a reduction to the balance. Maxx Company Statement of Stockholders' Equity For Year Ended December 31 Total Common Retained Stockholders' Stock Earnings Equity Balance at beginning of year 0 $ 0 $ Issuance of common stock Net income Less: Dividends Balance at end of year $ 0 $ 0 $
You have been asked to assist with the preparation of a statement of stockholders' equity for Maxx Company for the current year ended December 31. You determine the following balances: Beginning-of-year common stock $5,000 Beginning-of-year retained earnings 7,500 Net income 2,500 Dividends paid 250 Issuance of common stock 400 Prepare a statement of stockholders' equity for Maxx Company for the current year. Note: Use a negative sign to shown a reduction to the balance. Maxx Company Statement of Stockholders' Equity For Year Ended December 31 Total Common Retained Stockholders' Stock Earnings Equity Balance at beginning of year 0 $ 0 $ Issuance of common stock Net income Less: Dividends Balance at end of year $ 0 $ 0 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Statement of Stockholders' Equity
You have been asked to assist with the preparation of a statement of stockholders' equity for Maxx Company for the current year ended December 31.
You determine the following balances:
Beginning-of-year common stock
$5,000
Beginning-of-year retained earnings 7,500
Net income
2,500
Dividends paid
250
Issuance of common stock
400
Prepare a statement of stockholders' equity for Maxx Company for the current year.
Note: Use a negative sign to shown a reduction to the balance.
Maxx Company
Statement of Stockholders' Equity
For Year Ended December 31
Total
Common
Retained
Stockholders'
Stock
Earnings
Equity
Balance at beginning of year
$
O $
O $
Issuance of common stock
Net income
Less: Dividends
Balance at end of year
2$
0 $
0 $
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