Question

In: Accounting

Ivanhoe Co. reports the following information for 2017: sales revenue $767,200, cost of goods sold $503,000,...

Ivanhoe Co. reports the following information for 2017: sales revenue $767,200, cost of goods sold $503,000, operating expenses $87,800, and an unrealized holding loss on available-for-sale securities for 2017 of $59,600. It declared and paid a cash dividend of $14,450 in 2017.

Ivanhoe Co. has January 1, 2017, balances in common stock $362,300; accumulated other comprehensive income $87,600; and retained earnings $91,850. It issued no stock during 2017.

Prepare a statement of stockholders’ equity.

Solutions

Expert Solution

IVANHOE CO.
Stockholders’ Equity:
Total Retained Accumulated Common stock
($) Earnings ($) Other Comprehensive ($)
Income ($)
Beginning Balance 541,750.00        91,850.00                  87,600.00         362,300.00
Net Income 176,400.00      176,400.00                            -                        -  
Unrealized Holding Loss (59,600.00)                  -                  (59,600.00)                      -  
Dividends (14,450.00)      (14,450.00)                            -                        -  
Ending Balance 644,100.00      253,800.00                  28,000.00         362,300.00
Explanation:
Net Income = $767,200-$503,000-$87,800 = $176,400

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