Martinez Corp has issued 94,000 shares of $5 par value common stock It was authorized to sell 500,000 shares. The paid-in capital in excess of par on common stock is $259,000. The corporation has reacquired 6,200 common shares at a cost of $48,000 and is currently holding those shares. The corporation also has 1,400 shares issued and outstanding of 9%, $100 par value preferred stock. It was authorized 9,100 shares. The paid-in capital in excess of par value on the preferred stock is $22,700. Retained earnings is $379,000. → Prepare the stockholders' equity section of the balance sheet. (Enter account name only and do not provide descriptive information)

Martinez Corp has issued 94,000 shares of $5 par value common stock It was authorized to sell 500,000 shares. The paid-in capital in excess of par on common stock is $259,000. The corporation has reacquired 6,200 common shares at a cost of $48,000 and is currently holding those shares. The corporation also has 1,400 shares issued and outstanding of 9%, $100 par value preferred stock. It was authorized 9,100 shares. The paid-in capital in excess of par value on the preferred stock is $22,700. Retained earnings is $379,000. → Prepare the stockholders' equity section of the balance sheet. (Enter account name only and do not provide descriptive information)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 7PB: Tent Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated...

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Tent Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It is also authorized to issue 500,000 shares of $1 par value common stock. It has issued 5,000 common shares and 2,000 of the preferred shares. The corporation has never declared a dividend and the preferred shares are one years in arrears. Tent Tarp has the following transactions: Journalize these transactions. For the stock split, show the calculation for how many shares are outstanding after the split and the par value per share after the split