On December 31, Year 4, the equity section of Spitz Co. was as follows:
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Common stock, par value $10; Authorized 30,000 shares; Issued and outstanding 9,000 shares = $90,000
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Additional paid-in capital = 116,000
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Retained earnings = 146,000
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Total equity = $352,000
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On March 31, Year 5, Spitz declared a 10% stock dividend. Accordingly, 900 shares were issued when the fair value was $16 per share. For the 3 months ended March 31, Year 5, Spitz sustained a net loss of $32,000. The balance of Spitz's retained earnings as of March 31, Year 5, should be what? Please show how you calculate answer.
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Posted 11 Aug 2017 11:08 AM
My Price 6.00
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