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Stockholders' Equity section of balance sheet List the errors in the following Stockholders' Equity section of the balance sheet prepared as of the end of the current year: 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 $ 10,500,000 Retained earnings....................................... 96,700,000 Treasury stock 175,000 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

BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

Solutions

Chapter
Section
Chapter 13, Problem 13.21EX
Textbook Problem

Stockholders' Equity section of balance sheet

List the errors in the following Stockholders' Equity section of the balance sheet prepared as of the end of the current year:

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 $ 10,500,000
Retained earnings.......................................   96,700,000
Treasury stock 175,000 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

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Chapter 13 Solutions

Accounting
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