Exercise 11-10 The following accounts appear in the ledger of Kingbird, Inc. aft

Question

Exercise 11-10 The following accounts appear in the ledger of Kingbird, Inc. after the books are closed at December 31, 2017 Common Stock (no-par, $2 stated value, 403,500 shares authorized, 247,500 shares issued Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock ($55 par value, 7%, 46,400 shares authorized, 16,700 shares issued) Retained Earnings Treasury Stock (7,550 common shares) Paid-in Capital in Excess of Par Value-Preferred Stock Accumulated Other Comprehensive Loss 495,000 1,308,000 918,500 948,000 60,700 33,700 33,300 Prepare the stockholders' equity section at December 31, assuming $100,000 of retained earnings is restricted for plant expansion. (Enter account name only and do not provide descriptive information.)

Explanation / Answer

Note that Retained Earning of $ 100,000 for plant expansion will be given in the notes to financial statement

Preferred Stock ($55 par value, 7% 16700 shares issued $ 918,500 Common stock (no par, $2 stated value, 247,500 shares issued) 495,000 Total capital stock 1,413,500 Paid in capital in excess of stated value - Common Stock 1,308,000 Paid in capital in excess of par value - Preferred Stock 33,700 Treasury stock (7550 common stock) 60,700 1,402,400 Total paid in capital 2,815,900 Retained Earnings 948,000 Less Accumulated other comprehensive loss -33,300 914,700 Total paid in capital and retained earnings 3,730,600 Less Treasury Stock -60,700 Total Stockholder's Equity $ 3,669,900

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.