In: Accounting
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 $91,850. It issued no stock during 2017.
Prepare a statement of stockholders’ equity.
IVANHOE CO. | ||||
Stockholders’ Equity: | ||||
Total | Retained | Accumulated | Common stock | |
($) | 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 |