Question - The following information is taken from the financial statements of Gray Company during its third year of operations:
Jan 1, 2013 Dec 31, 2013
Total Assets $77,000 $89,000
Total Stockholders' Equity $61,000
2013 Revenue
$22,000 2013 Expenses
$15,000 Dividends Paid
$18,000
Additional Information:
Total Stockholders' Equity as at January 1, 2013 is composed of: Common Stock $30,000 Retained Earnings $31,000
Required: Calculate the Stockholders' equity on December 31, 2013.