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Income statement, retained earnings statement, and balance sheet The amounts of the assets and liabilities of Glacier Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $150000 and the common stock was $50000 as of October 1, 20Y5, the beginning of the current year. Dividends of $10000 were paid during the year. Instructios Prepare a statement of stockholders’ equity for the current year ended September 30. 20Y6.
Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
Income statement, retained earnings statement, and balance sheet
The amounts of the assets and liabilities of Glacier Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below.
The retained earnings were $150000 and the common stock was $50000 as of October 1, 20Y5, the beginning of the current year. Dividends of $10000 were paid during the year.
Instructios
Prepare a statement of stockholders’ equity for the current year ended September 30. 20Y6.
Concept Introduction:
The statement of stockholder's equity belongs to balance sheet. It is a statement about owner's equity, i.e., contribution made by the owner in the business which shows the changes in the holder's equity after giving the effect of retained earnings and dividend on the contribution of the owner.
To Prepare:
A stockholder's equity statement for the year ended September
Explanation of Solution
Net Income = $115,000 [Refer to solution of 1.1.1P of chapter 1.]
Statement of Stockholder's Equity
for the year ended September
| Particulars | Common Stock | Retained Earnings | Amount |
| Opening Balance, | |||
| Issued common stock |
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