Using the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. Regarding the common stock, 60,000 shares are authorized, and 10,000 shares have been reacquired. Line Item Description Amount Common Stock, $70 par $2,520,000 Paid-In Capital from Sale of Treasury Stock (10,000 shares at cost) 50,000 Paid-In Capital in Excess of Par—Common Stock 828,000 Retained Earnings 1,285,000 Treasury Stock 34,000 blankblankBalance Sheet Line Item Description Amount Amount Stockholders' Equity Paid-in capital: blank blank $Common Stock, $70 Par (60,000 Shares Authorized, 36,000 Shares Issued) Excess of Issue Price Over Par Paid-in capital, common stock $Paid-in capital, common stock From Sale of Treasury Stock (10,000 shares at cost) Total paid-in capital $Total paid-in capital Retained Earnings Total $Total Treasury Stock (10,000 shares at cost) Total stockholders' equity $Total stockholders' equity
Using the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. Regarding the common stock, 60,000 shares are authorized, and 10,000 shares have been reacquired. Line Item Description Amount Common Stock, $70 par $2,520,000 Paid-In Capital from Sale of Treasury Stock (10,000 shares at cost) 50,000 Paid-In Capital in Excess of Par—Common Stock 828,000 Retained Earnings 1,285,000 Treasury Stock 34,000 blankblankBalance Sheet Line Item Description Amount Amount Stockholders' Equity Paid-in capital: blank blank $Common Stock, $70 Par (60,000 Shares Authorized, 36,000 Shares Issued) Excess of Issue Price Over Par Paid-in capital, common stock $Paid-in capital, common stock From Sale of Treasury Stock (10,000 shares at cost) Total paid-in capital $Total paid-in capital Retained Earnings Total $Total Treasury Stock (10,000 shares at cost) Total stockholders' equity $Total stockholders' equity
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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Question
Using the following accounts and balances, prepare the “
Line Item Description | Amount |
---|---|
Common Stock, $70 par | $2,520,000 |
Paid-In Capital from Sale of |
50,000 |
Paid-In Capital in Excess of Par—Common Stock | 828,000 |
1,285,000 | |
Treasury Stock | 34,000 |
blankblankBalance Sheet
Line Item Description | Amount | Amount |
---|---|---|
Stockholders' Equity | ||
Paid-in capital: | blank | blank |
|
$Common Stock, $70 Par (60,000 Shares Authorized, 36,000 Shares Issued) | |
|
Excess of Issue Price Over Par | |
Paid-in capital, common stock | $Paid-in capital, common stock | |
|
From Sale of Treasury Stock (10,000 shares at cost) | |
Total paid-in capital | $Total paid-in capital | |
|
Retained Earnings | |
Total | $Total | |
|
Treasury Stock (10,000 shares at cost) | |
Total stockholders' equity |
$Total stockholders' equity
|
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