E4-16 (Comprehensive Income) C. Reither Co. reports the following information for 2014: sales revenue $700,000; cost...

E4-16 (Comprehensive Income) C. Reither Co. reports the following information for 2014: sales revenue $700,000; cost of goods sold $500,000; operating expenses $80,000; and an unrealized holding loss on available-for-sale securities for 2014 of $60,000. It declared and paid a cash dividend of $10,000 in 2014.C. Reither Co. has January 1, 2014, balances in common stock $350,000; accumulated other comprehen-sive income $80,000; and retained earnings $90,000. It issued no stock during 2014.Instructions Prepare a statement of stockholders’ equity.

Expert Solution


CALCULATION OF THE NET INCOME FROM THE BUSINESS		Amount
Sales Revenue		$ 7,00,000
Less: Cost of Goods Sold		$ 5,00,000
Gross Revenue		$ 2,00,000
Less:"Operating Expenses		$ 80,000
Net Income		$ 1,20,000


STATEMENT SHOWING THE RETAINED EARNING VAILABLE
Opening Retained Earnings=		$ 90,000
Add: Revenue if the year		$ 1,20,000
Less: Dividend Declared and paid		$ 10,000
Closing balance		$ 2,00,000


STOCKHOLDER'S EQUITY		AMOUNT

Share Capital		$ 3,50,000

Retained Earnings		$ 2,00,000

Other Comprehensive Income	$ 80,000
Less: Loss on holding loss on available for sale securities	$ -60,000
		$ 20,000

Total		$ 9,90,000

ekkarill92 answered 2 years ago

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