Stockholders' Equity Section of Balance Sheet The following Stockholders' Equity section of the balance sheet prepared as of the end of the current year contains errors. Stockholders’ Equity Paid-in capital: Preferred 2% stock, $80 par (125,000 shares authorized and issued) $10,000,000 Excess of issue price over par 500,000 Paid-in capital, preferred stock $10,500,000 Retained earnings 96,700,000 Treasury stock (75,000 shares at cost) 1,755,000 Dividends payable 430,000 Total paid-in capital $109,385,000 Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued) 17,655,000 Organizing costs 300,000 Total stockholders' equity $127,340,000 Prepare a corrected Stockholders' Equity section.
Stockholders' Equity Section of Balance Sheet The following Stockholders' Equity section of the balance sheet prepared as of the end of the current year contains errors. Stockholders’ Equity Paid-in capital: Preferred 2% stock, $80 par (125,000 shares authorized and issued) $10,000,000 Excess of issue price over par 500,000 Paid-in capital, preferred stock $10,500,000 Retained earnings 96,700,000 Treasury stock (75,000 shares at cost) 1,755,000 Dividends payable 430,000 Total paid-in capital $109,385,000 Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued) 17,655,000 Organizing costs 300,000 Total stockholders' equity $127,340,000 Prepare a corrected Stockholders' Equity section.
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 5SEA: STOCKHOLDERS EQUITY SECTION After closing its books on December 31, Pro Parts stockholders equity...
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The following Stockholders' Equity section of the balance sheet prepared as of the end of the current year contains errors.
Stockholders’ Equity | ||
Paid-in capital: | ||
Preferred 2% stock, $80 par (125,000 shares authorized and issued) | $10,000,000 | |
Excess of issue price over par | 500,000 | |
Paid-in capital, |
$10,500,000 | |
96,700,000 | ||
1,755,000 | ||
Dividends payable | 430,000 | |
Total paid-in capital | $109,385,000 | |
Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued) | 17,655,000 | |
Organizing costs | 300,000 | |
Total stockholders' equity | $127,340,000 |
Prepare a corrected Stockholders' Equity section.
Stockholders' Equity | ||
Paid-In Capital: | ||
$ | ||
$ | ||
$ | ||
Total paid in capital | $ | |
Total | $ | |
Total stockholders' equity | $ |
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