Question1 Waterway Corporation\'s December 31, 2017 balance sheet showed the fol

Question

Question1 Waterway Corporation's December 31, 2017 balance sheet showed the following: 9% preferred stock, $20 par value, cumulative, 9400 shares $158000 authorized; 7900 shares issued Common stock, $10 par value, 1030000 shares authorized; 980000 shares issued, 970000 shares outstanding Paid-in capital in excess of par-preferred stock Paid-in capital in excess of par-common stock Retained earnings Treasury stock (14800 shares) 9800000 35000 11520000 3770000 310800 Waterway's total stockholders' equity was $25602200 $24972200 $25002200. $25023200.

Explanation / Answer

Total stockholders equity=Total common equity+Total preferred capital+Retained earnings-Treasury stock

=(9800000+11520000)+(158000+35000)+3770000-310800

which is equal to

=$24972200.

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