Question

Climate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from...

Climate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from the ledger of Climate Control Systems for the fiscal year ended December 31, 20Y2, are as follows:

Common Stock
Jan. 1 75,000
Feb. 15 25,000
Retained Earnings
Dec. 31 160,000 Jan. 1 (20Y2) 4,150,800
Dec. 31 700,000
Dividends
Mar. 31 40,000 Dec. 31 160,000
June 30 40,000
Sept. 30 40,000
Dec. 31 40,000
Required:
Prepare a statement of stockholders’ equity for the year. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Entries of 0 (zero) are not required and will be cleared if entered.
Labels
For the Year Ended December 31, 20Y2
June 30, 20Y9
Amount Descriptions
Balances, January 1, 20Y2
Balances, December 31, 20Y2
Dividends
Issued common stock
Net income
Net loss
Labels
For the Year Ended December 31, 20Y2
June 30, 20Y9
Amount Descriptions
Balances, January 1, 20Y2
Balances, December 31, 20Y2
Dividends
Issued common stock
Net income
Net loss

X

Statement of Stockholders’ Equity

Prepare a statement of stockholders’ equity for the year. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Entries of 0 (zero) are not required and will be cleared if entered.

Climate Control Systems Co.

Statement of Stockholders’ Equity

1

Common Stock

Retained Earnings

Total

2

3

4

5

6
Business   Accounting   
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Homework Answers

Answer #1

Requirement:

Climate Control Systems Co
Statement of Stockholders` Equity
For the year ended December. 31, 20Y2
Common Stock Retained Earnings Total
Balances, January 1,20Y2 $              75,000 $              4,150,800 $ 4,225,800
Issued common stock $              25,000 $                              -   $        25,000
Net income $                       -   $                  700,000 $     700,000
Less: Dividends $                       -   $                (160,000) $   (160,000)
Balances, December 31,20Y2 $            100,000 $              4,690,800 $ 4,790,800
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