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At the beginning of the year Maurice and Sons has $12,000 of common stock outstanding and retained earnings of $4,200. During the year the company reports net income of $3,200 and

At the beginning of the year (January 1), Maurice and Sons has $12,000 of common stock outstanding and retained earnings of $4,200. During the year, the company reports net income of $3,200 and pays dividends of $1,200. In addition, the company issues additional common stock for $5,000. Prepare the statement of stockholders’ equity at the end of the year (December 31).

 

 

161. Klein Interiors has the following account balances at the end of the year. Use only the appropriate accounts to prepare a balance sheet.

 

 

Accounts

 

Balances

 

 

Equipment

 

$78,000

 

 

Accounts Payable

 

12,000

 

 

Common Stock

 

20,000

 

 

Service Revenue

 

62,000

 

 

Cash

 

8,000

 

 

Retained Earnings

 

?

 

 

Salaries Expense

 

38,000

 

 

Notes Payable

 

25,000

 

Jan 25 2020 View more View Less

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