On January 1, 2017, Windsor, Inc. had these stockholders’ equity balances.Common Stock, $1 par (3,000,000 shares authorized, 610,000 shares issued and outstanding) $610,000Paid-in Capital in Excess of Par Value 1,490,000Retained Earnings 688,000Accumulated Other Comprehensive Income 58,000During 2017, the following transactions and events occurred.1. Issued 47,500 shares of $1 par value common stock for $4 per share.2. Issued 59,500 shares of common stock for cash at $6 per share.3. Purchased 23,100 shares of common stock for the treasury at $3.40 per share.4. Declared and paid a cash dividend of $125,500.5. Earned net income of $434,000.6. Had other comprehensive income of $15,000.Prepare the stockholders’ equity section of the balance sheet at December 31, 2017.WINDSOR, INC.Partial Balance Sheetchoose the accounting period For the Month Ended December 31, 2017For the Year Ended December 31, 2017December 31, 2017select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital   select an opening subsection name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital   enter a balance sheet item   $enter a dollar amount select a name of the subordinate part of this subsection Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital   enter a balance sheet item   enter a dollar amount select a closing subsection name    Current Assets    Current Liabilities    Intangible Assets    Long-term Investments    Long-term Liabilities    Property, Plant and Equipment    Stockholders' Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Intangible Assets    Total Liabilities    Total Liabilities and Stockholders' Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Additional Paid-in Capital    Paid-in Capital    Capital Stock    Total Capital Stock    Total Paid-in Capital    Total Paid-in Capital and Retained Earnings    Total Stockholders’ Equity    Total Additional Paid-in Capital      enter a total amount for this subsection enter a balance sheet item   enter a dollar amount select a summarizing line for this part of the statement    Current Assets    Current Liabilities    Intangible Assets    Long-term Investments    Long-term Liabilities    Property, Plant and Equipment    Stockholders' Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Intangible Assets    Total Liabilities    Total Liabilities and Stockholders' Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Additional Paid-in Capital    Paid-in Capital    Capital Stock    Total Capital Stock    Total Paid-in Capital    Total Paid-in Capital and Retained Earnings    Total Stockholders’ Equity    Total Additional Paid-in Capital      enter a subtotal amount for this part of the statement enter a balance sheet item   enter a dollar amount select between addition and deduction    Add    Less    : enter a balance sheet item   enter a dollar amount select a closing section name    Cal Paid-in Capital      $enter a total amount for this section   Click if you would like to Show Work for this question:Open Show Work

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Asked Apr 30, 2019
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On January 1, 2017, Windsor, Inc. had these stockholders’ equity balances.

Common Stock, $1 par (3,000,000 shares authorized, 610,000 shares issued and outstanding)   $610,000
Paid-in Capital in Excess of Par Value   1,490,000
Retained Earnings   688,000
Accumulated Other Comprehensive Income   58,000

During 2017, the following transactions and events occurred.

1.   Issued 47,500 shares of $1 par value common stock for $4 per share.
2.   Issued 59,500 shares of common stock for cash at $6 per share.
3.   Purchased 23,100 shares of common stock for the treasury at $3.40 per share.
4.   Declared and paid a cash dividend of $125,500.
5.   Earned net income of $434,000.
6.   Had other comprehensive income of $15,000.

Prepare the stockholders’ equity section of the balance sheet at December 31, 2017.

WINDSOR, INC.
Partial Balance Sheet
choose the accounting period
 For the Month Ended December 31, 2017For the Year Ended December 31, 2017December 31, 2017
select an opening section name
 Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital
     
select an opening subsection name
 Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital
     
enter a balance sheet item
 
   
$enter a dollar amount
 
select a name of the subordinate part of this subsection
 Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital
     
enter a balance sheet item
 
   
enter a dollar amount
 
select a closing subsection name
    Current Assets    Current Liabilities    Intangible Assets    Long-term Investments    Long-term Liabilities    Property, Plant and Equipment    Stockholders' Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Intangible Assets    Total Liabilities    Total Liabilities and Stockholders' Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Additional Paid-in Capital    Paid-in Capital    Capital Stock    Total Capital Stock    Total Paid-in Capital    Total Paid-in Capital and Retained Earnings    Total Stockholders’ Equity    Total Additional Paid-in Capital    
   
enter a total amount for this subsection
 
enter a balance sheet item
 
   
enter a dollar amount
 
select a summarizing line for this part of the statement
    Current Assets    Current Liabilities    Intangible Assets    Long-term Investments    Long-term Liabilities    Property, Plant and Equipment    Stockholders' Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Intangible Assets    Total Liabilities    Total Liabilities and Stockholders' Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Additional Paid-in Capital    Paid-in Capital    Capital Stock    Total Capital Stock    Total Paid-in Capital    Total Paid-in Capital and Retained Earnings    Total Stockholders’ Equity    Total Additional Paid-in Capital    
   
enter a subtotal amount for this part of the statement
 
enter a balance sheet item
 
   
enter a dollar amount
 
select between addition and deduction
    Add    Less    

enter a balance sheet item
 
   
enter a dollar amount
 
select a closing section name
    Cal Paid-in Capital    
   
$enter a total amount for this section
 
 

 

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Expert Answer

Step 1

The Equity section is divided into several sub-parts like paid in capital, additional paid in capital, Retained earnings, accumulated other comprehensive income and treasury stock

The face value of all shares issued is shown under paid in capital. Total number of shares outstanding were 610,000+47500+59500= 717,000 shares

Paid in capital in excess of par have been computed as follows

 $
Opening1490,000
On 47500 shares @$3 premium142,500
on 59,500 shares @5 premium297,500
Total1,930,000

Retained Earnings has been computed by adding opening balance add profits earned during the year less dividends issued during the year

Acc...

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