The following stockholders’ equity accounts arranged alphabetically are in the l

Question

The following stockholders’ equity accounts arranged alphabetically are in the ledger of Alpers Corporation at December 31, 2017. Common Stock ($10 stated value) $1,200,000 Paid-in Capital from Treasury Stock 6,000 Paid-in Capital in Excess of Par—Preferred Stock 288,400 Paid-in Capital in Excess of Stated Value—Common Stock 690,000 Preferred Stock (8%, $100 par, noncumulative) 300,000 Retained Earnings 826,000 Treasury Stock (8,000 common shares) 88,000 Instructions Prepare a stockholders’ equity section at December 31, 2017. P13-6B Kingsley Corporation has been authorized to issue

Explanation / Answer

The stockholder's equity section is provided below:

________

Notes:

1) The total number of outstanding common stock is calculated as follows:

Common Stock Outstanding = Common Stock Issued - Treasury Stock = 120,000 - 8,000 = 112,000 shares

Jenkins Corporation Stockholders’ Equity Section at December 31, 2017 Capital Stock: Preferred Stock (8%, $100 Par, 3,000 Shares Issued and Outstanding) 300,000 Common Stock ($10 Stated Value, 120,000 Shares Issued and 112,000 Outstanding) 1,200,000 Total Capital Stock (A) 1,500,000 Paid in Capital in Excess of Par Value – Preferred Stock 288,400 Paid in Capital in Excess of Stated Value – Preferred Stock 690,000 Paid in Capital – Treasury Stock 6,000 Total Additional Paid in Capital (B) 984,400 Total Paid in Capital (A+B) 2,484,400 Retained Earnings 826,000 Total Paid in Capital and Retained Earnings 3,310,400 Less Treasury Stock -88,000 Total Stockholder's Equity $3,222,400

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