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mkrmerBased 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 80,000 115,000 |
Paid-in-capital-Donations Mortgage Payable Interest Expense | 200,000 105,000 7,500 |
Interest Payable Dividends Payable Dividends Cash | 3,000 15,000 75,000 146,000
|
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