Solution-Prepare a statement of stockholders equity

Prepare a statement of stockholders equity

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Reference no: EM132628359

Question - Link the income statement to the statement of stockholders' equity

On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses.

Service revenue $78,500

Rent expense 21,000

Postage expense 1,500

Salaries expense 22,000

Legal fees expense 2,600

Supplies expense 20,000

In addition, the balance of common stock at the beginning of the year was $175,000, and the balance of retained earnings was $36,000. During the year, the company issued additional shares of common stock for $30,000 and paid dividends of $20,000.

Required -

1. Prepare an income statement.

2. Prepare a statement of stockholders' equity.

Reference no: EM132628359

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Prepare a statement of stockholders equity

Reference no: EM132628359

Reference no: EM132628359

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