Homework Answers
Solution:
| Stockholders Equity | ||||||||
| Assets | = | Liabilities | + | PIC | + | RE | ||
| Beginning | 945000 | 432000 | 368000 | 145000 | ||||
| Changes | 159000 | -79000 | 14000 | 351000 | Net income | |||
| -127000 | Dividends | |||||||
| Ending | 1104000 | 353000 | 382000 | 369000 | $751000 SE | |||
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At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities...
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year, stockholders’ equity totaled $300,300.
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At the beginning of the current fiscal year, the balance sheet
for Davis Co. showed liabilities of $224,000. During the year,
liabilities decreased by $12,600, assets increased by $45,500, and
paid-in capital increased from $21,000 to $134,400. Dividends
declared and paid during the year were $17,500. At the end of the
year, stockholders’ equity totaled $300,300.
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