Question

Shack company had retained earnings of $96,000 and stockholders equity of $158,000 at the beginning of...

Shack company had retained earnings of $96,000 and stockholders equity of $158,000 at the beginning of 20x1. During 20x1 , the company had a net income of $39,000 , declared and paid cash dividents of $20,000 ; and had other comprehensive income of $12,000. The company neither issued nor bought back shares in that year. Compute the ending retained earnings and total stockholders equity at the end of 20x1
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Answer #1

Ending retained earnings= Beginning retained earnings+Net income-Cash dividend

= $96000+39000-20000= $115000

Ending total stockholders' equity= Beginning stockholders' equity+Ending retained earnings+Other comprehensive income

= $158000+115000+12000

= $285000

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