At the beginning of 2021, Artichoke Academy reported a balance in common stock of $154,000 and a balance in retained earnings of $54,000. During the year, the company issued additional shares of stock for $44,000, earned net income of $34,000, and paid dividends of $10,400. In addition, the company reported balances for the following assets and liabilities on December 31.
Assets Liabilities
Cash $52,600 Accounts payable $9,100
Supplies 13,400 Utilities payable 2,400
Prepaid rent 24,000 Salaries payable 3,500
Land 200,000 Notes payable 15,000
Required:
Prepare a statement of stockholders’ equity. Prepare a balance sheet.
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At the beginning of 2021, Artichoke Academy reported a balance in common stock of $154,000 and a bal...
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