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In: Accounting

Presented below is financial data for Thomas & Co. as of year-end 2013 Cash: $22000 Retained...

Presented below is financial data for Thomas & Co. as of year-end 2013

Cash: $22000
Retained earnings, January 1, 2013: $32000
Building: $50000
Common stock: $106000
Accrued expenses payable: $14000
Dividends paid: $30000
Inventory: $20000
Net income: $66000
Stockholders’ equity, January 1, 2013: $138000
Retained Earnings, December 31, 2013: ?
Stockholders’ equity, December 31, 2013: $174000

Prepare a statement of stockholders’ equity for Thomas & Co. as of December 31, 2013

Solutions

Expert Solution

  • Statement of Stockholder’s Equity is presented below
  • Retained Earnings balance can be calculated by adding Net Income and deducting Dividend amount from Beginning balance of Retained Earnings.

Statement of Stockholder's Equity as of Dec 31, 2013

Common Stock

Retained Earnings

Total Stockholder's Equity

Balance jan 1, 2013

$                                 106,000.00

$                  32,000.00

$                                   138,000.00

Net Income

$                  66,000.00

$                                     66,000.00

Dividends

$                (30,000.00)

$                                   (30,000.00)

Balance Dec 31, 2013

$                                 106,000.00

$                  68,000.00

$                                   174,000.00

ekkarill92 answered 1 year ago
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