Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. presented below is financial data for thomas &

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

Free

50.1K

Verified Solution

Question

Accounting

Presented below is financial data for Thomas & Co. as ofyear-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

Answer & Explanation Solved by verified expert
4.3 Ratings (737 Votes)

  • 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

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

In: AccountingPresented below is financial data for Thomas & Co. as ofyear-end 2013Cash: $22000Retained...Presented below is financial data for Thomas & Co. as ofyear-end 2013Cash: $22000Retained earnings, January 1, 2013: $32000Building: $50000Common stock: $106000Accrued expenses payable: $14000Dividends paid: $30000Inventory: $20000Net income: $66000Stockholders’ equity, January 1, 2013: $138000Retained Earnings, December 31, 2013: ?Stockholders’ equity, December 31, 2013: $174000Prepare a statement of stockholders’ equity for Thomas &Co. as of December 31, 2013

Other questions asked by students

Q

Question 1 25 points A rectangular based pyramid is shown Determine the volume of the...

Geometry
Q

Woh Che Co. has four departments: materials, personnel, manufacturing, and packaging. In a recent month, the...

Accounting
Q

Directions Complete this concept map by choosing terms from the word bark and writing them...

Biology
Q

A herd of elk is an example of a n O organism O population O...

Biology
Q

Counter current exchange system of the kidney which two fluids are moving opposite one another...

Biology
Q

A certain medication has a side effect of a skin rash in 4% of the...

Statistics
Q

Use this graph to answer the questions a What are the x intercepts b What...

Algebra
Q

Which property is does 2(6 + 3) = 12 + 6 represent?commutativeassociativedistributiveidentityinverse

Algebra
Q

The Days' Sales in Inventory is a measure of: Solvency Liquidity Efficiency Profitability

Accounting
Q

Using the Internet for research, when was the last time the FUTA rate was changed...

Accounting
Q

Universal Electronics, Inc. (UEI), which started operations one year ago, has two divisions: Consumer and...

Accounting
Q

For any normal distribution NORM.INV(p, Mean, Standard Deviation) where p is the probability to the...

Finance