Financial Statements
The following amounts were taken from the accounting records ofPadget Home Services, Inc., as of December 31, 20Y7. Padget HomeServices began its operations on January 1, 20Y7.
| Cash | | $ 60,000 |
| Common stock | | 75,000 |
| Dividends | | 15,000 |
| Fees earned | | 620,000 |
| Interest expense | | 4,800 |
| Land | | 215,000 |
| Miscellaneous expense | | 10,200 |
| Notes payable | | 80,000 |
| Rent expense | | 70,000 |
| Salaries expense | | 272,000 |
| Taxes expense | | 43,000 |
| Utilities expense | | 85,000 |
2. Prepare a statement of stockholders’ equityfor the year ending December 31, 20Y7. If your answer is zero enter"0".
| Padget Home Services, Inc. |
| Statement of Stockholders’ Equity |
| For the Year Ending December 31, 20Y7 |
| Common Stock | Retained Earnings | Total |
| Balances, Jan. 1, 20Y7 | $ | $ | $ |
| Issued common stock | | | |
| Net income | | | |
| Dividends | | | |
| Balances, Dec. 31, 20Y7 | $ | $ | $ |
