On December 1, 2011, Millstone Corporation invested $45,000 in a new delivery truck. The truck is being

Question:

On December 1, 2011, Millstone invested $45,000 in a new delivery truck. The truck is being depreciated at a monthly rate of $500. During 2011, the company issued stock for $60,000 and declared dividends of $5,000. Its net income in 2011 was $70,000. Millstone’s ending Retained Earnings balance as reported in its December 31, 2011, was $90,000. Its beginning Capital Stock balance on January 1, 2011, was $200,000. Given this information, determine the total stockholders’ equity reported in the company’s dated December 31, 2011.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...