e: 01:1 PM7 Remaining: 165 min. FULL SCREEN PRIN Problem 13-5A The following sto

ID: 2604261 • Letter: E

Question

e: 01:1 PM7 Remaining: 165 min. FULL SCREEN PRIN Problem 13-5A The following stockholders' equity accounts a rranged alphabetically are in the ledger of Galindo Corporation at December 31, 2017. Common Stock ($5 stated value) Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Preferred stock (8%, $50 par) Retained Earnings Treasury Stock (10,500 common shares) $2,030,000 10,000 675,000 1,590,000 | 775,000 1,746,000 136,500 Prepare a stockholders' equity section at December 31, 2017. (Enter the account name only and do not provide the descriptive info question.) GALINDO CORPORATION Balance Sheet (Partial)

Explanation / Answer

Answer

Detail $

Net $

Stockholder’s Equity

Paid-In-Capital

Capital Stock

Common Stock ($5 Stated Value, 406,000 Issued and 395,500 Shares outstanding)

2,030,000

8% Preferred Stock ($50 Par, 15,500 Shares Issued and Outstanding)

775,000

Total Capital Stock

2,805,000

Additional Paid-In-Capital

In excess of par – Common Stock

1,590,000

In excess of par –Preferred Stock

675,000

In excess of par – Treasury Stock

10,000

Total Additional Paid-In-Capital

2,275,000

Total Paid-In-Capital

5,080,000

Retained Earnings

1,746,000

Total Paid-In-Capital and Retained Earnings

6,826,000

Less: Treasury Stock (10,500 Common Shares)

(136,500)

Total Stockholder’s Equity

6,689,500