Foyle Corporation has issued 106,100 shares of $4 par value common stock. It was

ID: 2499167 • Letter: F

Question

Foyle Corporation has issued 106,100 shares of $4 par value common stock. It was authorized 499,100 shares. The paid-in capital in excess of par value on the common stock is $275,100. The corporation has reacquired 6,900 shares at a cost of $51,480 and is currently holding those shares.

The corporation also has 3,000 shares issued and outstanding of 10%, $100 par value preferred stock. It authorized 9,530 shares. The paid-in capital in excess of par value on the preferred stock is $28,200. Retained earnings is $365,600.

Prepare the stockholder's equity section of the balance sheet.

This is the list of account titles I can use for the balance sheet:

Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Allowance for Doubtful Accounts
Bad Debt Expense
Buildings
Cash
Cash Dividends
Common Stock
Common Stock Dividends Distributable
Depreciation Expense
Dividends Payable
Income Summary
Income Tax Expense
Income Taxes Payable
Land
No Entry
Other Operating Expenses
Paid-in Capital in Excess of Par Value-Common Stock
Paid-in Capital in Excess of Par Value-Preferred Stock
Paid-in Capital in Excess of Stated Value-Common Stock
Preferred Stock
Retained Earnings
Service Revenue
Stock Dividends
Supplies
Supplies Expense
Treasury Stock
Unearned Service Revenue

Side note: (not part of the question) Thank you! This is my last question for the month. Thanks to all of the Chegg experts out there! I appreciate you.

Explanation / Answer

Stockholder's Equity

Paid in capital:

Preferred stock $300,000

common Stock $424,400

Addittional Paid in capital -Preferred 28,200

Addittional paid in capital - common $275,100

Total paid in capital $1,027,700

Add; Retained earnings 365,600

Total paid in cpaital & retained earnings 1,393,300

Less: Treasury Stock ($51,480)

total Shareholder's Equity $1,341,820