Chapter 11, Problem 11.1BDIE

(a)

To determine

Stockholders’ Equity Section: It is refers to the section of the balance sheet that shows the available balance of stockholders’ equity as on reported date at the end of the financial year.

Closing entry: Closing entries are journal entries which are made at the end of the accounting period, where revenues and expenses accounts are closed by transferring these accounts balances to income summary account (temporary account). Then income summary account balance (net income/net loss) would be transferred to the retained earnings account.

To prepare: The closing entry for net income.

(b)

To determine

To Prepare: the stockholders’ equity section of balance sheet for Corporation G.