Lakeside Company reported the following items on its statement of shareholders’ equity for the year ended December 31, 2021 (amounts in thousands of dollars):

Requirements

1. Determine the December 31, 2021, balances in Lakeside’s shareholders’ equity accounts and total shareholders’ equity.

2. Lakeside’s total liabilities on December 31, 2021, are $7,800. What is the company’s debt ratio on this date?

3. Was there a profit or a loss for the year ended December 31, 2021? How can you tell?

4. At what price per share did Lakeside issue common stock during 2021?

Transcribed Image Text:

Balance, December 31, 2020. Net earnings........ Other comprehensive income. Issuance of stock. Cash dividends... Balance, December 31, 2021. $3.50 Par Common Stock $370 245 Additional Retained Comprehensive Paid-in Capital Earnings Income $2,630 $6,000 $15 1,370 155 Accumulated Other (70) 5 | || Total Shareholders' Equity $9,015