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Cash Receivables from customers (all considered collectible) $ 25,400 12,700 Inventory of merchandise (based on physical count and priced at cost) 80,000 Equipment owned, at cost less used portion 42,100 Accounts payable owed to suppliers 47,040 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 2,400 Total sales revenue 133,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 82,200 Income tax expense at 30% x pretax income; all paid during the current year Common stock (December 31) ? 85,800 Dividends declared and paid during the current year 10,600 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) P1-1 Part 2 2. Prepare a statement of stockholders' equity for the year. Answer is not complete. HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity For the Year Ended December 31, Current Year Common Retained Stock Earnings Balance January 1, Current year $ 0 $ 0 Stock issuance 85,800 0 Add: Net income 0 15,240 Less: Dividends 0 10,600 Ralance December 31 Current vaar $ 85 800

Cash Receivables from customers (all considered collectible) $ 25,400 12,700 Inventory of merchandise (based on physical count and priced at cost) 80,000 Equipment owned, at cost less used portion 42,100 Accounts payable owed to suppliers 47,040 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 2,400 Total sales revenue 133,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 82,200 Income tax expense at 30% x pretax income; all paid during the current year Common stock (December 31) ? 85,800 Dividends declared and paid during the current year 10,600 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) P1-1 Part 2 2. Prepare a statement of stockholders' equity for the year. Answer is not complete. HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity For the Year Ended December 31, Current Year Common Retained Stock Earnings Balance January 1, Current year $ 0 $ 0 Stock issuance 85,800 0 Add: Net income 0 15,240 Less: Dividends 0 10,600 Ralance December 31 Current vaar $ 85 800

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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am. 117.

Cash Receivables from customers (all considered collectible) $ 25,400 12,700 Inventory of merchandise (based on physical count and priced at cost) 80,000 Equipment owned, at cost less used portion 42,100 Accounts payable owed to suppliers 47,040 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 2,400 Total sales revenue 133,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 82,200 Income tax expense at 30% x pretax income; all paid during the current year Common stock (December 31) ? 85,800 Dividends declared and paid during the current year 10,600 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) P1-1 Part 2 2. Prepare a statement of stockholders' equity for the year. Answer is not complete. HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity For the Year Ended December 31, Current Year Common Retained Stock Earnings Balance January 1, Current year $ 0 $ 0 Stock issuance 85,800 0 Add: Net income 0 15,240 Less: Dividends 0 10,600 Ralance December 31 Current vaar $ 85 800
Transcribed Image Text:Cash Receivables from customers (all considered collectible) $ 25,400 12,700 Inventory of merchandise (based on physical count and priced at cost) 80,000 Equipment owned, at cost less used portion 42,100 Accounts payable owed to suppliers 47,040 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 2,400 Total sales revenue 133,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 82,200 Income tax expense at 30% x pretax income; all paid during the current year Common stock (December 31) ? 85,800 Dividends declared and paid during the current year 10,600 (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first year of operations.) P1-1 Part 2 2. Prepare a statement of stockholders' equity for the year. Answer is not complete. HIGHLIGHT CONSTRUCTION COMPANY Statement of Stockholders' Equity For the Year Ended December 31, Current Year Common Retained Stock Earnings Balance January 1, Current year $ 0 $ 0 Stock issuance 85,800 0 Add: Net income 0 15,240 Less: Dividends 0 10,600 Ralance December 31 Current vaar $ 85 800
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