Using the following accounts and balances, prepare the Stockholders’ Equity sect
ID: 2426730 • Letter: U
Question
Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries.
Two hundred fifty thousand shares of common stock
The stock outstanding when a corporation has issued only one class of stock.
are authorized, and 17,600 shares have been reacquired.
1,144,000
In CengageNOW, an Amount Description is a text entry other than an Account that has an amount associated with it.
Treasury stock (17,600 shares at cost)
Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” will automatically appear if required.
Question not attempted.
Stockholders’ Equity
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Paid-in capital:
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Solution
Stockholders’ Equity
1
Paid-in capital:
2
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4
5
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7
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9
Common Stock, $55 par $11,770,000 Paid-In Capital from Sale of Treasury Stock 343,000 Paid-In Capital in Excess of Par—Common Stock 3,340,000 Retained Earnings 18,650,000 Treasury Stock1,144,000
Accounts and Amount DescriptionsIn CengageNOW, an Amount Description is a text entry other than an Account that has an amount associated with it.
Common stock, $55 par (250,000 shares authorized, 182,500 shares issued) Common stock, $55 par (250,000 shares authorized, 214,000 shares issued) Dividends on common stock Excess of issue price over par From sale of treasury stock Issuance of additional common stock Net income Purchase of treasury stock Retained earnings Total Total paid-in capital Total stockholders’ equityTreasury stock (17,600 shares at cost)
Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. “Deduct” will automatically appear if required.
Question not attempted.
Stockholders’ Equity
1
Paid-in capital:
2
3
4
5
6
7
8
9
Solution
Stockholders’ Equity
1
Paid-in capital:
2
3
4
5
6
7
8
9
Explanation / Answer
Stockholders’ Equity 1 Paid in capital 2 Common stock, $55 par (250,000 shares authorized, 182,500 shares issued) 11,770,000 3 Paid-In Capital in Excess of Par—Common Stock 3,340,000 4 Retained Earnings 18,650,000 5 Less: Treasury stock at cost 17600 shares 801,000 (1144000-343000) Total Stockholders' Equity 34,561,000
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