On May 1,2017,Xiu Inc.had common stock of $345,000,additional paid-in capital of $1,298,000,and retained earnings of $3,013,000.Xiu did not purchase or sell any common stock during the year.The company reported net income of $556,000 and declared dividends in the amount of $78,000 during the year ended April 30,2018.
Required
Prepare a financial statement that explains the differences between the beginning and ending balances for the accounts in the Stockholders' Equity category of the balance sheet.

Question

On May 1,2017,Xiu Inc.had common stock of $345,000,additional paid-in capital of $1,298,000,and retained earnings of $3,013,000.Xiu did not purchase or sell any common stock during the year.The company reported net income of $556,000 and declared dividends in the amount of $78,000 during the year ended April 30,2018.
Required
Prepare a financial statement that explains the differences between the beginning and ending balances for the accounts in the Stockholders' Equity category of the balance sheet.
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Quizplus · Accepted Answer

The Answer of On May 1,2017,Xiu Inc.had common stock of $345,000,additional paid-in capital of $1,298,000,and retained earnings of $3,013,000.Xiu did not purchase or sell any common stock during the year.The company reported net income of $556,000 and declared dividends in the amount of $78,000 during the year ended April 30,2018.
Required
Prepare a financial statement that explains the differences between the beginning and ending balances for the accounts in the Stockholders' Equity category of the balance sheet.
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