50.1K

Verified Solution

Link Copied!

3 nts eBook Ask Print erences Exercise 1-11 (Algo) Link the statement of stockholders' equity to the balance sheet (LO1-3) At the beginning of 2024, Norton Academy reported a balance in common stock of $159,000 and a balance in retained earnings of $59,000. During the year, the company issued additional shares of stock for $49,000, earned net income of $39,000, and paid dividends of $10,900. In addition, the company reported balances for the following assets and liabilities on December 31. Cash Supplies Prepaid rent Land Assets $53,500 11,800 28,500 245,000 Required: 1. Prepare a statement of stockholders' equity. 2. Prepare a balance sheet. Liabilities Accounts payable Utilities payable Salaries payable Notes payable Check my work $11,100 4,200 4,400 24,000

Exercise 1-11 (Algo) Link the statement of stockholders' equity to the balance sheet (LO1-3) At the beginning of 2024, Norton Academy reported a balance in common stock of $159,000 and a balance in retained earnings of $59,000. During the year, the company issued additional shares of stock for $49,000, earned net income of $39,000, and paid dividends of $10,900. In addition, the company reported balances for the following assets and liabilities on December 31 Required: 1. Prepare a statement of stockholders' equity: 2. Prepare a balance sheet. Prepare a statement of stockholders' equity. 3

Answer & Explanation Solved by verified expert

See Answer