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.

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

ekkarill92 answered 2 years ago

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