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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.

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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883

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Section
BuyFindarrow_forward

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883
Chapter 1, Problem 1.1.2P
Textbook Problem
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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.

Chapter 1, Problem 1.1.2P, Income statement, retained earnings statement, and balance sheet The amounts of the assets and

Instructios

Prepare a statement of stockholders’ equity for the current year ended September 30. 20Y6.

To determine

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 30,20Y6.

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 30,20Y6

    ParticularsCommon Stock
      ($)
    Retained Earnings
      ($)
    Amount
      ($)
    Opening Balance, October 1,20Y550,000150,000200,000
    Issued common stock

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