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Discuss common stock at the beginning of the year

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Reference no: EM131789016

On December 31, Fighting Okra Cooking Services reports the following revenues and expenses.

     
  Service revenue $ 88,000  
  Postage expense   2,150  
  Legal fees expense   3,050  
  Rent expense   11,900  
  Salaries expense   37,000  
  Supplies expense   21,000  

 

In addition, the balance of common stock at the beginning of the year was $850,000, and the balance of retained earnings was $58,000. During the year, the company issued additional shares of common stock for $38,000 and paid dividends of $36,000.

Reference no: EM131789016

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