Question

On June 1 Acme Inc. has Shareholders' Equity of $69093. In June the firm sold $10999...

On June 1 Acme Inc. has Shareholders' Equity of $69093. In June the firm sold $10999 in additional capital stock for cash. In June the firm obtained an interest free loan of $47949 from one of the stockholders. Revenues for June were $23709. Expenses for June were $13050 In June the company paid out a total of $1344 in dividends to its shareholders. What is the value of Shareholders' Equity on June 30?

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Answer #1
Particulars Amount
Opening equity           69,093
Add
Additional stock           10,999
Revenues           23,709
Less
Expenses           13,050
Dividends             1,344
Closing equity           89,407

Equity on June 30 is 89,407

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