Gardenia, Inc. started in business in 2017 when it issued $2,000 of common stock. It has reported the following on its annual financial statements: Net Income (Loss) Dividends Paid 2017 ($2,400) $0 2018 $1,100 $0 2019 $6,200 $2,000 2020 $14,000 $4,500 What is the balance in Gardenia's total stockholders' equity at December 31, 2020? $12,400 $20,900 $16,800 $14,400 None of the above

Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
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Problem 11.14E
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Gardenia, Inc. started in business in 2017 when it issued $2,000 of common stock. It has reported
the following on its annual financial statements:
Net Income (Loss)
Dividends Paid
2017
($2,400)
$0
2018
$1,100
$0
2019
$6,200
$2,000
2020
$14,000
$4,500
What is the balance in Gardenia's total stockholders' equity at December 31, 2020?
O $12,400
O $20,900
$16,800
O $14,400
None of the above
Transcribed Image Text:Gardenia, Inc. started in business in 2017 when it issued $2,000 of common stock. It has reported the following on its annual financial statements: Net Income (Loss) Dividends Paid 2017 ($2,400) $0 2018 $1,100 $0 2019 $6,200 $2,000 2020 $14,000 $4,500 What is the balance in Gardenia's total stockholders' equity at December 31, 2020? O $12,400 O $20,900 $16,800 O $14,400 None of the above
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