Summit Apparel has the following accounts at December 31: Common Stock, $1 par v

Question

Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,700,000 shares issued; Additional Paid-in Capital, $17.70 million; Retained Earnings, $10.70 million; and Treasury Stock, 57,000 shares, $1.254 million. Prepare the stockholders’ equity section of the balance sheet. (Amounts to be deducted should be indicated by a minus sign. Enter your answer in dollars, not millions (i.e, $5.5 million should be entered as 5,500,000).)

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Explanation / Answer

(Stockholders' Equity Section) Dec-31 Stockholders' equity: Common stock 1700000 Additional paid-in capital 17700000 Total paid-in capital 19400000 Retained earnings 10700000 Treasury stock -1254000 Total stockholders' equity 9446000

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