The following information is from Avalanche Corp.: At the end of 2016, Avalanche Corp. has the...
The following information is from Avalanche Corp.: At the end of 2016, Avalanche Corp. has the following Stockholders’ Equity balances:
•Retained Earnings = $18,055
•Common Stock = $12,00
During 2017, Avalanche Corp. earned total revenues of $25,620 and incurred total expenses of $23,805. Also during 2017, Avalanche Corp. issued an additional $3,500 worth of common stock and paid cash dividends of $730. Assuming there were no other transactions, what will be the balance of total Stockholders’ Equity at the end of 2017?
Homework Answers
Answer: Stockholders' equity at the end of 2017 is equal to $23,840
Explanation:
Profit / (Loss) for the year 2017 = Total revenue - Total expenses
= $25,620 - $23,805
= $1,815
Common stock (end of 2017) = Common stock (2016) + Additional stocks issued
= $1,200 + $3,500
= $4,700
Retained Earning (end of 2017) = Retained Earnings (2016) + Profit for the year 2017 - Cash dividends
= $18,055 + $1,815 - $730
= $19,140
Stockholders' equity (2017) = Common stock (2017) + Retained earnings (2017)
= $4,700 + $19,140
= $23,840
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