Financial Accounting Problem Help?

[Alpineslide]

This might be a long shot but some help would be appreciated.

k+ and props for life

On December 1, 2009, Millstone Corporation invested $45,000 in a new delivery truck. The truck is being depreciated at a monthly rate of $500. During 2009, the company issued stock for $60,000 and declared dividends of $5,000. Its net income in 2009 was $70,000. Millstone's ending Retained Earnings balance as reported in its December 31, 2009, balance sheet was $90,000. Its beginning Capital Stock balance on January 1, 2009, was $200,000.

Required:

Determine the total stockholders' equity reported in the company's balance sheet dated December 31, 2009. (Omit the "$" sign in your response.)

Total stockholders' equity $

 

[Alpineslide]

Bump

 

[Mr.Turtle]

pretty sure i can get this done if i get a piece of paper before falling asleep

 

[TechnoPotamus]

not the simplest problem.

rather than take my best educated guess and be a little off i think, i'm trying to think of a certain member's name who i know is an accountant.

I think his name is Seargent Steamy. or Srgt Steamy...his icon is a bacon with a pot leaf hat...

let me check my friends... i feel like he'd be a good guy to ask.

SgtSteamy. try this guy, i think my memory is correct on this one.

https://newschoolers.com/ns/members/profile/member_id/140055/

 

[Barefootin_Fiend]

mmmmmm bacon flavored pot....or pot flavored bacon....either way, delicious.

 

[TechnoPotamus]

haha oops, name confusion!

 

[zues]

i'm leaving but I can get this problem done when I come back in an hour or 2. its pretty simple really. It's just knowing the concepts and the dates.

 

[Alpineslide]

thanks for all the thought and help everyone, i found the answer

 

[poptarts4life]

I just started accounting and I don't know if I understand this type of problem

In 2002, the assets of company X increased by $50,000 and liabilities decreased by $42,000. The company's total equity at the end of 2002 equals $200,000. Calc the company's total equity at the start of 2002.

*I made up this problem up, similar to another

*I don't care as much about an answer but I want to know if i'm doing the right steps/understanding it.

*I think the key is to change find the change of equity, but i'm not sure

So would I just:

1. set assets = equity + liabilities as equity = assets - liabilities

2. Input Δassets(50,000) - Δliabilities(-42,000) = Δequity for the year

3. -Δequity + year end equity(200,000) = starting equity

any input would be much appreciated