Question

Splish Brothers Inc. began the year with $151200 in its Common Stock account and a debit...

Splish Brothers Inc. began the year with $151200 in its Common Stock account and a debit balance in Retained Earnings of $64800. During the year, the company earned net income of $32400 and declared and paid $10800 of dividends. In addition, the company sold additional common stock amounting to $39600. Based on this information, what should the transaction analysis show for the ending total of all stockholders' equity accounts?

$298800

$147600

$198000

$277200
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Answer #1
Common Stock Account Retained Earnings Account
Opening Balance 1,51,200.00 Opening Balance -64800.00
Add Issue during Year      39,600.00 Add Net Income during Year 32400.00
Closing Balance 1,90,800.00 Less Dividend Paid -10800.00
Closing balance -43200.00
Total of All Equiy stockholders account = $190800 - $43200
Total of All Equiy stockholders account = $147600
Hence the Correct answer is B) $147600
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