Using the following accounts and balances, prepare the Stockholders’ Equity sect
ID: 2576517 • 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 are authorized, and 15,400 shares have been reacquired.
Common Stock, $55 par $11,660,000 Paid-In Capital from Sale of Treasury Stock 327,000 Paid-In Capital in Excess of Par—Common Stock 3,460,000 Retained Earnings 18,600,000 Treasury Stock 1,001,000Explanation / Answer
Solution:
Stockholders’ Equity Section
Stockholders' Equity
Capital Stock
Common Stock, $55 Par value, 250,000 Shares authorized.
15,400 Shares issued and outstanding
$11,660,000
Additional Paid in Capital
Paid in Capital in Excess of Par - Common Stock
$3,460,000
Paid in Capital in Excess of Par - Treasury Stock
$327,000
Retained Earnings
$18,600,000
Less: Treasury Stock
-$1,001,000
Total Stockholders' Equity
$33,046,000
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Stockholders' Equity
Capital Stock
Common Stock, $55 Par value, 250,000 Shares authorized.
15,400 Shares issued and outstanding
$11,660,000
Additional Paid in Capital
Paid in Capital in Excess of Par - Common Stock
$3,460,000
Paid in Capital in Excess of Par - Treasury Stock
$327,000
Retained Earnings
$18,600,000
Less: Treasury Stock
-$1,001,000
Total Stockholders' Equity
$33,046,000
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