before construction , the land will be idle . In what classification should the land be reported ?
Question 3
Common stock and retained earnings are both elements of stockholders ’ equity . Common stock of $ 50,000 plus retained earnings of $ 70,000 equals $ 120,000 in stockholders ’ equity .
Current liabilities are $ 10,000 , long-term liabilities are $ 20,000 , common stock is $ 50,000 , and retained earnings totals $ 70,000 . How much is total stockholders ' equity ?
Question 4
Net income ($ 24,000 ) divided by average shares outstanding ( 6,000 ) = $ 4.00 / share .
For 2014 , Stoneland Corporation reported net income , $ 24,000 ; net sales , $ 400,000 ; and average shares outstanding , 6,000 . There were no preferred stock dividends . How much was the 2014 earnings per share ?
Question 5
The beginning balance of retained earnings is the ending balance minus net income plus dividends . Working backwards , $ X + $ 402,000 - $ 34,000 = $ 2,184,000 . Therefore , beginning retained earnings = $ 1,816,000 .