On december 1 2011 millstone corporation invested 45000 in, Ask an Expert

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On December 1, 2011, Millstone Corporation invested $45,000 in a new delivery truck. The truck is being depreciated at a monthly rate of $500. During 2011, the company issued stock for $60,000 and declared dividends of $5,000. Its net income in 2011 was $70,000. Millstone's ending Retained Earnings balance as reported in its December 31, 2011, balance sheet was $90,000. Its beginning Capital Stock balance on January 1, 2011, was $200,000.Determine the total stockholders' equity reported in the company's balance sheet dated December 31, 2011.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9981680

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