has $120,000 of common stock and retained earmings IPing the year, the company reports net income of $75,000 and declares diidends of $30.000. In addition, the company issues additional common stock for $60,000. Determine the following as of December 31st: Do not include $ in your answer. Ending Common stock Ending retained earnings Ending Stockholders' Equity
has $120,000 of common stock and retained earmings IPing the year, the company reports net income of $75,000 and declares diidends of $30.000. In addition, the company issues additional common stock for $60,000. Determine the following as of December 31st: Do not include $ in your answer. Ending Common stock Ending retained earnings Ending Stockholders' Equity
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 19E: Lyon Company shows the following condensed income statement information for the year ended December...
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Question
At the beginning of the year Vanuary 1), the Company
Expert Solution
Step 1
Lets understand the basics.
We can calculate the requirement by the equations below:-
Ending common stock = Opening common stock + Common stock issued - Common stock repurchased
Ending retained earnings = Opening retained earning + Net income - Dividend paid
Ending stockholder's equity = Ending common stock + Ending retained earning
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