Problem 145A On January 1 2017 Shellenburger Inc had the fol

Problem 14-5A

On January 1, 2017, Shellenburger Inc. had the following stockholders’ equity account balances.

During 2017, the following transactions and events occurred.

Prepare the stockholders’ equity section of the balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information.)

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Solution

Date Description Amount 01/01/2017 Common Stock, no-par value (489,000 shares issued)           2,445,000.00 01/01/2017 Common Stock Dividends Distributable            (167,500.00) 01/01/2017 Retained Earnings              598,000.00 Total Equity as at 01/01/2017           2,875,500.00 Add Tr 1 Stock Dividends Distributable               24,450.00 Tr 2 Common Stock Issue              132,500.00 Tr 3 Retained Earnings A/c               65,150.00 Tr 5 Earned Net Income              254,500.00 Total Equity as at 31/12/2017           3,352,100.00 Description Debit Credit Transaction 1 Stock Dividends Distributable                                  24,450.00 Equity Account               24,450.00 Transaction 2 Cash/Bank Account                                 132,500.00 Common Stock                132,500.00 Transaction 3 Income & Expense account                                  65,150.00 Retained Earnings A/c               65,150.00 Transaction 4 Stock Dividends Distributable                                 167,500.00 Cash/Bank Account              167,500.00 Transaction 5 Income & Expense account                                 254,500.00 Retained Earnings A/c              254,500.00