The following stockholders\' equity accounts, arranged alphabetically, are in th

Question

The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Flint Corporation at December 31, 2017. Common Stock ($2 stated value) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock (696, $100 par, noncumulative) Retained Earnings Treasury Stock (21,000 common shares) $2,800,000 78,750 1,837,500 1,050,000 2,334,500 126,000 Prepare the stockholders' equity section of the balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information.) FLINT CORPORATION Partial Balance Sheet

Explanation / Answer

Partial Balance Sheet December 31,2017 Stockholders' Equity: Paid in capital: Capital Stock Preferred Stock (6%, $100 par, noncumulative) 1050000 Common Stock ($2 stated value) 2800000 Total Capital Stock 3850000 Additional Paid-In capital: Paid-in Capital in Excess of Par Value-Preferred Stock 78750 Paid-in Capital in Excess of Stated Value-Common Stock 1837500 Total Additional Paid-In capital 1916250 Total Paid-In Capital 5766250 Retained Earnings 2334500 Total Paid-In capital and Retained Earnings 8100750 Less: Treasury Stock (21,000 common shares) 126000 Total Stockholders' Equity 7974750

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