Statement of Stockholders' Equity - two (2) questions

Instructions: Please prepare a Statement of Stockholders' Equity on your scratch paper based on the following Partial Adjusted Trial Balance. Use this Statement of Stockholders' Equity to answer this question and the next question.

You will need to know the amounts for ending retained earnings and the new total ending balance for stockholders' equity.

Question: Based on the Adjusted Trial Balance and Additional Info shown below, what is the ending balance as of 12/31 for the Retained Earnings column as shown on the Statement of Stockholders Equity you prepared on your scratch paper?

Adjusted Trial Balance

As of 12/31/20xx

Accounts	Account Balance
Cash	$25,159
Accounts Receivable	24,500
Allowance for Uncollectible Accounts	3,502
Inventory	35,000
Accounts Payable	10,227
Common Stock	40,181
Retained Earnings	15,142
Dividends	7,000
Revenue (Sales)	75,000
Sales Returns	1,500
Cost of Goods Sold	40,000
Salaries Expense	5,000
Interest Expense	4,000
Income Tax Expense	3,000

Question:Based on the Adjusted Trial Balance and Additional Info shown below, what is the ending balance as of 12/31 for the Retained Earnings column as shown on the Statement of Stockholders Equity you prepared on your scratch paper?

Statement of Stockholders Equity Question: Based on the Statement of Stockholders Equity you prepared on your scratch paper, what is the Total Stockholders Equity (total of the ending balances for both common stock and retained earnings) shown on the Statement of Stockholders' Equity you prepared on your scratch paper?

Additional Information:

Net Income After-taxes for the Accounting Period equaled $21,500

Beginning Balance of Common Stock on 1/1/20xx $40,181 Beginning Balance of Retained Earnings on 1/1/20xx $15,142 No new stock was issued during the accounting period.