Abe's Steakhouse is the largest upscale steakhouse company in the United States, based on total company- and franchisee-owned restaurants. The company's menu features a broad selection of high-quality steaks and other premium offerings. Assume the information below is from a recent annual report: a. Common stock, $0.01 par value; 100,090,000 shares authorized; 23,563,356 issued and outstanding at the end of the current year, 23,385,356 issued and outstanding at the end of last year.
b. Additional paid-in capital: $194,389,000 at the end of the current year and $169,431,000 at the end of last year.
c. Retained earnings / (accumulated deficit): ($82,397,000) at the end of last year.
d. In the current year, net income was $53,983,000 and a cash dividend of $7,138,000 was paid.
Required:
Prepare the stockholders’ equity section of the balance sheet to reflect the above information for the current year and last year. (Amounts to be deducted should be indicated with a minus sign.)
Balance sheet
current year last year
shareholder equity
Common stock
Additional paid in capital
Accumulated deficit
total stock holder equity

Abe's Steakhouse

Abe's Steakhouse

Balance sheet

                                                current year            last year

Shareholders' equity:

Authorized share capital:

Common stock, $0.01 par value; 100,090,000 shares

Common stock                           $235,634           $233,853

Additional paid in capital       194,389,000       169,431,000

Accumulated deficit              -35,552,000       -82,397,000

Total stockholder equity    $159,072,634       $87,267,853

Explanation:

a) Data and Analysis:

Authorized share capital:

Common stock, $0.01 par value; 100,090,000 shares

Issued and outstanding share capital:

Last year =    23,385,356 at $0.01    $233,853

Current year 23,563,356 at $0.01   $235,634

Total issued 46,9848,712 at $0.01   $469,487

Additional paid-in capital:

Last year =    $169,431,000

Current year  194,389,000

Total =         $363,820,000

Retained earnings:

Accumulated deficit   ($82,397,000)

Net income                    53,983,000

Dividend paid                  (7,138,000)

Accumulated deficit ($35,552,000)

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