The records of Mercier Company show the following at December 31,2024 : (Click the icon...
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The records of Mercier Company show the following at December 31,2024 : (Click the icon to view the data ) Read the requirements Requirement 1. Compute the missing amount for Mercier Company You will need to determine Retained Earnings, December 31,2024, and total stockholders' equity, December 31,2024 Begin by determining total stockholders' equity. Rework the accounting equation and then solve for stockholders' equity ("equity") at the beginning and end of the period. \begin{tabular}{|c|c|c|c|c|c|} \hline Assets \& Liabilities: & & & Equity: & & \\ \hline Beginning: & & & Common Stock & $ & 11,000 \\ \hline Assets & $ & 59,000 & Dividends & & 12,000 \\ \hline Liabilities & & 43,000 & Revenues & & 187,000 \\ \hline Ending: & & & Expenses & & ? \\ \hline Assets & $ & 96,000 & \begin{tabular}{l} Retained Earnings, January 1 . \\ 2024 \end{tabular} & & 5,000 \\ \hline Liabilities & & 40,000 & & & \\ \hline \end{tabular}
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