Stetson Auto Inc. was incorporated on January 1, 2016 and commenced operations at that date. A $2,000

Question:

Stetson Auto Inc. was incorporated on January 1, 2016 and commenced operations at that date. A $2,000 common share was declared and paid on October 31, 2016. The following information was taken from the shareholders' equity section of the company's at December 31, 2016:
Common shares
Issued and outstanding-10,000 shares
Restriction-plant addition
Revenues (total for 2016)
Expenses (total for 2016)
Cash dividends declared
$ 10,000
150,000
2,575,000
2,000,000
23,000
Required: Prepare the shareholders' equity section of Stetson Auto's at December 31, 2016 and the statement of changes in shareholders' equity for the year then ended.
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... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...