For the Year Ending December 31,2010,the Accounts of Jackson Corporation

question 106

Short Answer

For the year ending December 31,2010,the accounts of Jackson Corporation showed the following balances:
$$\begin{array} { l r } \text { Contributed capital, January } 1,2010 & \$ 500,000 \\\text { Retained earnings, beginning balance, January } 1,2010 & \$ 100,000 \\\text { Total revenues earned during 2010 } & \$ 150,000 \\\text { Total expenses incurred during } 2010 & \$ 90,000 \\\text { Total dividends declared during } 2010 & \$ 10,000 \\\text { Issuance of stock during 2010 } & \$ 50,000\end{array}$$ Requirement:
Determine the components of stockholders' equity as of December 31,2010.

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