Lakeside Company reported the following items on its statement of shareholders’ equity for the year ended December 31, 2018 (amounts in thousands of dollars):

Requirements

1. Determine the December 31, 2018, balances in Lakeside’s shareholders’ equity accounts and total shareholders’ equity.

2. Lakeside’s total liabilities on December 31, 2018, 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, 2018? How can you tell?

4. At what price per share did Lakeside issue common stock during 2018?

Transcribed Image Text:

Accumulated Other Retained Comprehensive Shareholders' Income $3.50 Par Common Stock $370 Total Additional Paid-in Capital Earnings Equity $9,015 Balance, December 31, 2017. . Net earnings.. Other comprehensive income . Issuance of stock.. Cash dividends. Balance, December 31, 2018.. $2,630 $15 $6,000 1,370 245 155 (70)