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E5-10. Prepare Statement of Stockholders’ Equity. Ciara's Cookie Company provided the following account balances from its year-end trial balance. Ciara's Cookie Company Trial Balance (Selected Accounts) For the Current Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $1,200,950 $ 55,675 Accumulated Other Comprehensive Income, Beginning Balance Dividends 57,000 Sales 1,200,895 Interest Income 3,400 Dividend Income 3,250 Gain on Sale of Property 6,789 Gain on Disposal of Plant Assets 76,000 Unrealized Gain on Trading Investments 27,250 Unrealized Gain on Available-for-Sale Bonds before Tax 3,500 Gain on Sale of Discontinued Operations before Tax 56,780 Cost of Goods Sold 450,000 Selling Expenses 37,450 Office Supplies Expense 54,800 Amortization Expense 12,000 Sales Salaries Expense 23,500 Advertising Expense 21,500 Office Salaries Expense 65,000 Depreciation Expense 25,500 Legal Fees 8,000 Accounting Fees 10,425 Interest Expense 6,700 Loss on Asset Impairment 9,050 During the year, Ciara issued no-par common stock. The proceeds of the new issue were $25,000. The com- pany is subject to a 40% income tax rate. The beginning balance in common stock was $456,000. Prepare a statement of stockholders' equity for the current year. Note: You will need to solve for net income using the given information. Round to the nearest dollar.

E5-10. Prepare Statement of Stockholders’ Equity. Ciara's Cookie Company provided the following account balances from its year-end trial balance. Ciara's Cookie Company Trial Balance (Selected Accounts) For the Current Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $1,200,950 $ 55,675 Accumulated Other Comprehensive Income, Beginning Balance Dividends 57,000 Sales 1,200,895 Interest Income 3,400 Dividend Income 3,250 Gain on Sale of Property 6,789 Gain on Disposal of Plant Assets 76,000 Unrealized Gain on Trading Investments 27,250 Unrealized Gain on Available-for-Sale Bonds before Tax 3,500 Gain on Sale of Discontinued Operations before Tax 56,780 Cost of Goods Sold 450,000 Selling Expenses 37,450 Office Supplies Expense 54,800 Amortization Expense 12,000 Sales Salaries Expense 23,500 Advertising Expense 21,500 Office Salaries Expense 65,000 Depreciation Expense 25,500 Legal Fees 8,000 Accounting Fees 10,425 Interest Expense 6,700 Loss on Asset Impairment 9,050 During the year, Ciara issued no-par common stock. The proceeds of the new issue were $25,000. The com- pany is subject to a 40% income tax rate. The beginning balance in common stock was $456,000. Prepare a statement of stockholders' equity for the current year. Note: You will need to solve for net income using the given information. Round to the nearest dollar.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.6E
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E5-10. Prepare Statement of Stockholders' Equity. Ciara's Cookie Company provided the following account balances from its year-end trial balance. Ciara's Cookie Company Trial Balance (Selected Accounts) For the Current Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $1,200,950 $ 55,675 Accumulated Other Comprehensive Income, Beginning Balance Dividends 57,000 Sales 1,200,895 Interest Income 3,400 Dividend Income 3,250 Gain on Sale of Property 6,789 Gain on Disposal of Plant Assets 76,000 Unrealized Gain on Trading Investments 27,250 Unrealized Gain on Available-for-Sale Bonds before Tax 3,500 Gain on Sale of Discontinued Operations before Tax 56,780 Cost of Goods Sold 450,000 Selling Expenses 37,450 Office Supplies Expense 54,800 Amortization Expense 12,000 Sales Salaries Expense 23,500 Advertising Expense 21,500 Office Salaries Expense 65,000 Depreciation Expense 25,500 Legal Fees 8,000 Accounting Fees 10,425 Interest Expense 6,700 Loss on Asset Impairment 9,050 During the year, Ciara issued no-par common stock. The proceeds of the new issue were $25,000. The com- pany is subject to a 40% income tax rate. The beginning balance in common stock was $456,000. Prepare a statement of stockholders' equity for the current year. Note: You will need to solve for net income using the given information. Round to the nearest dollar.
Transcribed Image Text:E5-10. Prepare Statement of Stockholders' Equity. Ciara's Cookie Company provided the following account balances from its year-end trial balance. Ciara's Cookie Company Trial Balance (Selected Accounts) For the Current Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $1,200,950 $ 55,675 Accumulated Other Comprehensive Income, Beginning Balance Dividends 57,000 Sales 1,200,895 Interest Income 3,400 Dividend Income 3,250 Gain on Sale of Property 6,789 Gain on Disposal of Plant Assets 76,000 Unrealized Gain on Trading Investments 27,250 Unrealized Gain on Available-for-Sale Bonds before Tax 3,500 Gain on Sale of Discontinued Operations before Tax 56,780 Cost of Goods Sold 450,000 Selling Expenses 37,450 Office Supplies Expense 54,800 Amortization Expense 12,000 Sales Salaries Expense 23,500 Advertising Expense 21,500 Office Salaries Expense 65,000 Depreciation Expense 25,500 Legal Fees 8,000 Accounting Fees 10,425 Interest Expense 6,700 Loss on Asset Impairment 9,050 During the year, Ciara issued no-par common stock. The proceeds of the new issue were $25,000. The com- pany is subject to a 40% income tax rate. The beginning balance in common stock was $456,000. Prepare a statement of stockholders' equity for the current year. Note: You will need to solve for net income using the given information. Round to the nearest dollar.
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