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Exercise 4-16 Sheridan Co. reports the following information for 2017: sales revenue $762,800, cost of goods...

Exercise 4-16

Sheridan Co. reports the following information for 2017: sales revenue $762,800, cost of goods sold $524,200, operating expenses $82,000, and an unrealized holding loss on available-for-sale securities for 2017 of $56,700. It declared and paid a cash dividend of $14,660 in 2017.

Sheridan Co. has January 1, 2017, balances in common stock $368,700; accumulated other comprehensive income $87,500; and retained earnings $95,830. It issued no stock during 2017.

Prepare a statement of stockholders’ equity.

Solutions

Expert Solution

  • Requirement, as asked:

Working

Sales revenue

$                                 762,800.00

Cost of Goods Sold

$                                 524,200.00

Gross Profits

$                                 238,600.00

Operating expense

$                                   82,000.00

Net Income

$                                 156,600.00

  • Statement, as asked

Statement of Stockholder's Equity as of Dec 31, 2017

Common Stock

Retained Earnings

Accumulated Other Comprehensive Income

Total Stockholder's Equity

Balance jan 1, 2017

$                                 368,700.00

$                  95,830.00

$                                     87,500.00

$       552,030.00

Net Income

$                156,600.00

$       156,600.00

Other comprehensive Income (Loss)

$                                   (56,700.00)

$       (56,700.00)

Dividends

$                (14,660.00)

$       (14,660.00)

Balance Dec 31, 2017

$                                 368,700.00

$                237,770.00

$                                    30,800.00

$       637,270.00


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