Stockholders\' Equity Section of Balance Sheet The following accounts and their

Question

Stockholders' Equity Section of Balance Sheet The following accounts and their balances appear in the ledger of Young Properties Inc. on November 30 of the current year: Common Stock, $40 par Paid-In Capital in Excess of Par Paid-In Capital from Treasury Stock Retained Earnings Treasury Stock Prepare the Stockholders' Equity section of the balance sheet as of November 30. One hundred thousand shares of common stock are authorized, and 10,000 shares have been reacquired $3,000,000 450,000 125,000 12,000,000 520,000 Young Properties Indc. Stockholders' Equity Section of the Balance Sheet November 30 Paid-in capital: Common stock, $40 par (100,000 shares authorized, 75,000 shares issued) Additional paid-in capital in excess.of par Paid-in capital from treasury stock

Explanation / Answer

Stockholer's equity section of balance sheet :

Paid in capital Common stock, (100000 shares authorized, 75000 shares issued) 3000000 Additional paid in capital in excess of par value 450000 3450000 Paid in capital from treasury stock 125000 Total paid in capital 3575000 Retained earnings 12000000 Total 15575000 Deduct treasury stock (10000 shares at cost) (520000) Total stockholder's equity 15055000

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