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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 13, Problem 6PEA
Textbook Problem
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Reporting stockholders’ equity

Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet using Method 1 of Exhibit 8. One hundred thousand shares of common stock are authorized, and 5,000 shares have been reacquired.

Chapter 13, Problem 6PEA, Reporting stockholders equity Using the following accounts and balances, prepare the Stockholders

To determine

Prepare the stockholders’ equity section of the balance sheet.

Explanation of Solution

Stockholders’ Equity Section: It is refers to the section of the balance sheet that shows the available balance stockholders’ equity as on reported date at the end of the financial year.

Prepare the stockholders’ equity section of the balance sheet.

Stockholders’ equity section
ParticularsAmount ($)Amount ($)Amount ($)
Paid-in Capital:   

     Common Stock, $2 par (100,000 shares

     authorized, 75,000 shares issued)

$150,000  
     Excess over par $2,250,000 
         Paid in capital, common stock $2,400,000 
     From sale of treasury stock $60,000 
         Total paid-in capital  $2,460,000
Retained earnings$10,880,000
     Total  $13,340,000
Less: Treasury stock (5,000 shares at cost)($140,000)
Total stockholders’ equity$13,200,000

Table (1)

The Proforma of the reporting the stockholders’ equity section of the partial balance sheet ...

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Chapter 13 Solutions

Financial Accounting
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