Simran Monga Company's total stockholders' equity at the beginning of the year was $200,000. During the year the company reported the following:Net loss of $30,000.Common Stock issued in exchange for land totaling $80,000.Collections of accounts receivable $40,000.Borrowed $20,000 from a stockholder.Dividends declared and paid totaling $2,000.What is the total stockholders' equity at the end of the year? A. $348,000. B. $288,000.C. $248,000. D. $168,000Answer is C , explain how you get to 248000

Question
Asked Mar 2, 2020
1 views

Simran Monga Company's total stockholders' equity at the beginning of the year was $200,000. During the year the
company reported the following:
Net loss of $30,000.
Common Stock issued in exchange for land totaling $80,000.
Collections of accounts receivable $40,000.
Borrowed $20,000 from a stockholder.
Dividends declared and paid totaling $2,000.
What is the total stockholders' equity at the end of the year?
A. $348,000.
B. $288,000.
C. $248,000.
D. $168,000

Answer is C , explain how you get to 248000

check_circle

Expert Answer

Definition

Statement of stockholders’ equity:

The statement which reports the changes in stock, paid-in capital, retained earni...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Hi can you help me please as i am working along I am am getting stuck on the preferred shares I did ...

A: Following are the Calculation of dividend per share for Preferred and common stock for 3 years: Year...

question_answer

Q: Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for D...

A: Cash flow statement: Cash flow statement is a main part of financial statement. It is prepared to fi...

question_answer

Q: On May 1, 2018, ABC Corporation purchased $1,500,000 of 12% bonds, interest payable on January 1 and...

A: A bond is an instrument of raising funds. It has a fixed interest rate which is the paid by the inve...

question_answer

Q: Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall ...

A: As per our authoring guidelines, in the case of multiple sub-parts, the solution to the first 3 part...

question_answer

Q: Sandra would like to organize BAL as either an LLC (taxed as a sole proprietorship) or a C corporati...

A: Calculate the net income before tax.

question_answer

Q: partnership for $34,000. Prior to the investment, land was revalued to a market value of $130,000 fr...

A: Since there are multiple question asked, I am answering for PE 12-3B, If you want answer fro other q...

question_answer

Q: The following data were accumulated for use in reconciling the bank account of Creative Design Co. f...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

question_answer

Q: On July 1, Year 1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $46,000,0...

A: Hey, since there are multiple sub-parts are posted, we will answer first three sub-parts. If you wan...

question_answer

Q: I am not sure how to put this balance sheet together? Based on the following information and the pos...

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of credito...