Foyle Corporation has issued 93,800 shares of $4 par value common stock. It was

Question

Foyle Corporation has issued 93,800 shares of $4 par value common stock. It was authorized 500,300 shares. The paid-in capital in excess of par value on the common stock is $271,800. The corporation has reacquired 7,300 shares at a cost of $47,440 and is currently holding those shares.

The corporation also has 1,900 shares issued and outstanding of 9%, $102 par value preferred stock. It authorized 10,200 shares. The paid-in capital in excess of par value on the preferred stock is $30,100. Retained earnings is $368,400.

Prepare the stockholders’ equity section of the balance sheet.

FOYLE CORPORATION Balance Sheet (Partial) Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock Common Stock Total Capital Stock Additional Paid-in Capital Paid-in Capital in Excess o Paid-in Capital in Excess o Total Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings LessTreasury Stock Total Stockholders' Equity

Explanation / Answer

Shareholder's section:

shareholders equity: Capital Stock: Common Stock 500300 @$4 2001200 Preferred stock 30100@$102 3070200 5071400 Paid up capital: Common stock 93800@$4 375200 9% Preffered stock 1900@$102 193800 Total Capital A 569000 Add:Total additional paid up capital B 301900 Retained earnings C 368400 Total shareholders equity (A+B+C) 1239300

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