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Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
Edition 17ISBN: 978-0078025778Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
Edition 17ISBN: 978-0078025778 Exercise 58
Income Statement and Balance Sheet Relationships
On November 1, 2015, RockCreek Corporation invested $50,000 in a new delivery truck. The truck is being depreciated at a monthly rate of $750. During 2015, the company issued stock for $80,000 and declared dividends of $10,000. Its net income in 2015 was $90,000. RockCreek's ending Retained Earnings balance as reported in its December 31, 2015, balance sheet was $100,000. Its beginning Capital Stock balance on January 1, 2015, was $150,000. Given this information, determine the total stockholders' equity reported in the company's balance sheet dated December 31, 2015.
On November 1, 2015, RockCreek Corporation invested $50,000 in a new delivery truck. The truck is being depreciated at a monthly rate of $750. During 2015, the company issued stock for $80,000 and declared dividends of $10,000. Its net income in 2015 was $90,000. RockCreek's ending Retained Earnings balance as reported in its December 31, 2015, balance sheet was $100,000. Its beginning Capital Stock balance on January 1, 2015, was $150,000. Given this information, determine the total stockholders' equity reported in the company's balance sheet dated December 31, 2015.
Explanation
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Income statement: An income statement is...
Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello
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