If there are no changes in a company's capital stock during a period, the company may...
If there are no changes in a company's capital stock during a period, the company may choose to prepare
a. an income statement instead of a statement of stockholders' equity.
b. an income statement instead of a statement of retained earnings.
c. a statement of cash flows instead of a statement of retained earnings.
d. a statement of stockholders' equity instead of a statement of retained earnings.
Homework Answers
Your required answer is option A i.e. An income statement instead of a statement of stockholders' equity
Explanation:
If there is no any change in capital stock i.e. common stock or preferred stock then it is not necessary to prepare statement of stockholder's equity. Because in statement of stockholder's equity Changes i.e. issuance/buy back is considered and since it is given in question that there is no any change during the year therefore not required to prepare statement of stockholder's equity.
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If there are no changes in a company's capital stock during a
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Dakota Company experienced the following events during 2018: 1. Acquired $15,000 cash from the issue of...
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Dakota Company experienced the following events during 2018: 1. Acquired $25.000 cash from the issue of...
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Dakota Company experienced the following events during 2018: Acquired $15,000 cash from the issue of common...
Dakota Company experienced the following events during 2018:
Acquired $15,000 cash from the issue of common stock.
Paid $15,000 cash to purchase land.
Borrowed $5,000 cash.
Provided services for $55,000 cash.
Paid $2,000 cash for utilities expense.
Paid $45,000 cash for other operating expenses.
Paid a $1,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in Event
2 is now $16,000.
Required
a. The January 1, 2018, general ledger account
balances are shown in...
Dakota Company experienced the following events during 2018: 1. Acquired $25.000 cash from the issue of...
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Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of...
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Dakota Company experienced the following events during 2018: 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $15.000 cash to purchase land. 3. Borrowed $5,000 cash. 4. Provided services for $55,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $45.000 cash for other operating expenses. 7. Paid a $1.000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $16,000. Required a. The January 1,...
Dakota Company experienced the following events during 2018: 1. Acquired $25.000 cash from the issue of common stock. 2 Pald $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $36.000 cash. 5. Pald $1,000 cash for utilities expense. 6. Paid $28.000 cash for other operating expenses. 7. Pald a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $27.500. Required a. The January 1,...
Dakota Company experienced the following events during 2018:
Acquired $15,000 cash from the issue of common stock.
Paid $15,000 cash to purchase land.
Borrowed $5,000 cash.
Provided services for $55,000 cash.
Paid $2,000 cash for utilities expense.
Paid $45,000 cash for other operating expenses.
Paid a $1,000 cash dividend to the stockholders.
Determined that the market value of the land purchased in Event
2 is now $16,000.
Required
a. The January 1, 2018, general ledger account
balances are shown in...
Dakota Company experienced the following events during 2018: 1. Acquired $25.000 cash from the issue of common stock. 2 Pald $25,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $36.000 cash. 5. Pald $1,000 cash for utilities expense. 6. Paid $28.000 cash for other operating expenses. 7. Pald a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $27.500. Required a. The January 1,...
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