At the beginning of 2024, Ellingham Academy reported a balance in common stock of $167,000 and...

 

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At the beginning of 2024, Ellingham Academy reported a balance in common stock of $167,000 and a balance in retained earnings of $67,000. During the year, the company issued additional shares of stock for $57,000, earned net income of $47,000, and paid dividends of $11,700. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash Supplies Prepaid rent Land Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Stmt of Stockholders Balance Sheet Equity Prepare a balance sheet. $54,300 12,600 Cash Supplies Prepaid Rent 32,508 285,000 Complete this question by entering your answers in the tabs below. Assets Accounts payable Utilities payable Salaries payable Notes payable $ ELLINGHAM ACADEMY Balance Sheet December 31, 2024 54,300 Accounts payable 12,600 Utilities Payable 32.500 Salaries Payable $15,100 5,800 5,200 32,000 Liabilities $ 15,100 5,800 5,200 hapter #1 Homework - Part A 1 s 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 Total Assets Assets $ $ ELLINGHAM ACADEMY Balance Sheet December 31, 2024 54,300 Accounts payable 12,600 Utilities Payable. 32,500 Salaries Payable 285,000 Notes Payable 384,400 Total Liabilities Common Stock Retained Earnings Liabilities Stmt of Stockholders Equity Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Balance Sheet > $ $ 15,100 5,800 5,200 32,000 58,100 0 58,100 . Prepare a statement of stockholders' equity. E. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. ELLINGHAM ACADEMY Statement of Stockholders' Equity For the Year Ended December 31, 2024 Beginning Balance Issuance of Common Stock Add: Net income Less: Dividends Ending Balance Common Stock $ Retained Earnings 167,000 $ $ 167,000 $ Stmt of Stockholders Equity Total Stockholders' Equity 67,000 $ 67,000 $ 234,000 234,000 Balance Sheet > At the beginning of 2024, Ellingham Academy reported a balance in common stock of $167,000 and a balance in retained earnings of $67,000. During the year, the company issued additional shares of stock for $57,000, earned net income of $47,000, and paid dividends of $11,700. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash Supplies Prepaid rent Land Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Stmt of Stockholders Balance Sheet Equity Prepare a balance sheet. $54,300 12,600 Cash Supplies Prepaid Rent 32,508 285,000 Complete this question by entering your answers in the tabs below. Assets Accounts payable Utilities payable Salaries payable Notes payable $ ELLINGHAM ACADEMY Balance Sheet December 31, 2024 54,300 Accounts payable 12,600 Utilities Payable 32.500 Salaries Payable $15,100 5,800 5,200 32,000 Liabilities $ 15,100 5,800 5,200 hapter #1 Homework - Part A 1 s 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 Total Assets Assets $ $ ELLINGHAM ACADEMY Balance Sheet December 31, 2024 54,300 Accounts payable 12,600 Utilities Payable. 32,500 Salaries Payable 285,000 Notes Payable 384,400 Total Liabilities Common Stock Retained Earnings Liabilities Stmt of Stockholders Equity Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Balance Sheet > $ $ 15,100 5,800 5,200 32,000 58,100 0 58,100 . Prepare a statement of stockholders' equity. E. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Stmt of Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. ELLINGHAM ACADEMY Statement of Stockholders' Equity For the Year Ended December 31, 2024 Beginning Balance Issuance of Common Stock Add: Net income Less: Dividends Ending Balance Common Stock $ Retained Earnings 167,000 $ $ 167,000 $ Stmt of Stockholders Equity Total Stockholders' Equity 67,000 $ 67,000 $ 234,000 234,000 Balance Sheet >

Answer rating: 100% (QA)

SOLUTION Statement of Stockholders Equity ELLINGHAM ACADEMY Statement of Stockholders ... View the full answer