Chapter 10, Problem 10.39AE

LO 6

(Learning Objective 6: Use a company’s statement of stockholders’ equity) Lakeside Company reported the following items on its statement of shareholders’ equity for the year ended December 31, 2018 (amounts in thousands of dollars):

Requirements

1. 1. Determine the December 31, 2018, balances in Lakeside’s shareholders’ equity accounts and total shareholders’ equity.
2. 2. Lakeside’s total liabilities on December 31, 2018, are $7,800. What is the company’s debt ratio on this date?
3. 3. Was there a profit or a loss for the year ended December 31, 2018? How can you tell?
4. 4. At what price per share did Lakeside issue common stock during 2018?