The stockholders equity section of Five Voices Music, Inc. s balance sheet at December 31, 2015 follows:

Question:

The stockholders’ equity section of Five Voices Music, Inc.’ s at December 31, 2015 follows:
Stockholders’ Equity
Common Stock – no par, 10,000 shares authorized, 1,000 shares
issued and outstanding ……………………………………………… $ 90,000
Retained Earnings …………………………………………………... 360,000
Total Stockholders’ Equity……………..………………………….... $ 450,000
During 2016, Five Voices Music completed the following transactions:
• May 24, 2016: Issued 200 no par common shares for cash amounting to $ 16,000.
• December 1, 2016: Implemented a two- for- one stock split.
• December 31, 2016: Announced net income of $ 50,000 for the year ended December 31, 2016.
Based on the information provided, prepare the stockholders’ equity section for Five Voices Music, Inc. at December 31, 2016. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...