Question

At the beginning of 2021, Artichoke Academy reported a balance in common stock of $169,000 and a balance in retained earnings of $69,000. During the year, the company issued additional shares of stock for $59,000, earned net income of $49,000, and paid dividends of $11900. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Cash Supplies Prepaid rent Land $ 54,500 12,800 33,500 295,000 Liabilities Accounts payable Utilities payable Salaries payable Notes payable $16, 100 6,200 5,400 34,000 Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Stmt of Stockholders Balance Sheet Equity Prepare a balance sheet. ARTICHOKE ACADEMY Balance Sheet December 31, 2021 Assets Liabilities Total Liabilities Stockholders' Equity 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets $ 0 $ 0 < Stmt of Stockholders Equity Balance Sheet > Stmt of Stockholders Balance Sheet Equity Prepare a statement of stockholders' equity. ARTICHOKE ACADEMY Statement of Stockholders' Equity For the Year Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity Beginning Balance Ending Balance Stmt of Stockholders Equity Balance Sheet >

Answer 1

1) ARTICHOKE ACDEMY

Statement of Stockholders' Equity

For the year December 31, 2021

Common Stock $169,000

Add: Additional issue of shares $59,000

Total Common Stock $228,000

Beginning balance of Retained Earnings $69,000

Add: Net Income $49,000

Less: Dividends ($11,900)

Ending balance of Retained Earnings $106,100

Total Stockholders' Equity   $334,100

2.   

ARTICHOKE ACADEMY
Balance Sheet
December 31, 2021.
Assets	Liabilities
Cash	$54500	Accounts payable	$16,100
Supplies	$12800	Utilities payable	$6,200
Prepaid rent	$33500	Salaries payable	$5,400
Land	$295,000	Notes payable	$34,000
		Total Liabilities	$61,700
		Stockholders' Equity
		Common Stock	$169,000
		Add: Additional Issue	$59,000
		Ending retained earnigs	$106,100
		Total Stockholders' Equity	$334,100
Total Assets	$395,800	Total Liabilities and Stockholders' Equity ($61700 + $334,100)	$395,800