At the beginning of 2024, Norton Academy reported a balance in common stock of $159,000 and...

Transcribed Image Text:

At the beginning of 2024, Norton Academy reported a balance in common stock of $159,000 and a balance in retained earnings of $59,000. During the year, the company issued additional shares of stock for $49,000, earned net income of $39,000, and paid dividends of $10,900. In addition, the company reported balances for the following assets and liabilities on December 31. Cash Supplies Prepaid rent Land Required: Assets Liabilities $53,500 11,800 28,500 245,000 Accounts payable Utilities payable Salaries payable Notes payable 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a balance sheet. Cash Supplies Prepaid Rent Land Assets NORTON ACADEMY Balance Sheet December 31, 2024 $11,100 4,200 4,400 24,000 Liabilities Accounts payable Utilities Payable Salaries Payable Notes Payable At the beginning of 2024, Norton Academy reported a balance in common stock of $159,000 and a balance in retained earnings of $59,000. During the year, the company issued additional shares of stock for $49,000, earned net income of $39,000, and paid dividends of $10,900. In addition, the company reported balances for the following assets and liabilities on December 31. Cash Supplies Prepaid rent Land Required: Assets Liabilities $53,500 11,800 28,500 245,000 Accounts payable Utilities payable Salaries payable Notes payable 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a balance sheet. Cash Supplies Prepaid Rent Land Assets NORTON ACADEMY Balance Sheet December 31, 2024 $11,100 4,200 4,400 24,000 Liabilities Accounts payable Utilities Payable Salaries Payable Notes Payable

Answer rating: 100% (QA)

Statement of Stockholders equity is given below Norton Academy Statement of Sto... View the full answer