Tote Ltd. reported the following balances at January 1, 2014 : Common shares $420,000 Retained earnings...

Tote Ltd. reported the following balances at January 1, 2014

: Common shares $420,000

Retained earnings 30,000

Accumulated other comprehensive income 58,000

During the year Tote earned net income of $200,000 and generated other comprehensive income of $70,000.

Instructions

Prepare a statement of shareholders’ equity for the year ended December 31, 2014.

Expert Solution

All working forms part of the answer

Statement of Stockholder's Equity
for the year ended Dec 31, 2014
	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income	Total Stockholder's Equity
Beginning Balance	$ 420,000.00	$ 30,000.00	$ 58,000.00	$ 508,000.00
Add: Net Income		$ 200,000.00		$ 200,000.00
Add: Other comprehensive Income			$ 70,000.00	$ 70,000.00
Ending Balance	$ 420,000.00	$ 230,000.00	$ 128,000.00	$ 778,000.00

ekkarill92 answered 1 year ago

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