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Based on the following account balances from the ledger of the Sands Corp.; A. Determine the Retained Earnings balance at 12/31/07. Dividends for the year were $
75,000
and the corporation’s net income was $340,000 for the year. B. Determine the Total Stockholder’s Equity reported on the Balance Sheet 12/31/07.
| Account Titles | Account Balance |
|
Additional Paid In Capital Short term Investments
|
$ 117,000 50,000 |
|
Preferred stock, 12%, $100 par value Common Stock, $5 par value Retained earnings, 1/1/07 |
400,000 1, 650,000 125,000 |
|
Organizational expense Treasury Stock-common(2,000 shares) Merchandise Inventory |
1,500 37,000 105,000 |
|
Purchases Gain on sale of investment Dividend Revenue |
650,000
4,800 11,000 |
|
Accounts Payable Notes Payable Estimated income taxes payable |
400,000
80,000 1 15,000 |
|
Paid-in-capital-Donations Mortgage Payable Interest Expense |
200,000 105,000 7,500 |
|
Interest Payable Dividends Payable Dividends Cash |
3,000 15,00075,000 146,000
|
