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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. Five hundred thousand shares of common stock are authorized, and 40,000 shares have been reacquired.
Financial Accounting
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Financial Accounting
Reporting stockholders’ equity
Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet using Method 1 of Exhibit 8. Five hundred thousand shares of common stock are authorized, and 40,000 shares have been reacquired.
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 | |||
| Particulars | Amount ($) | Amount ($) | Amount ($) |
| Paid-in Capital: | |||
|
Common Stock, $120 par (500,000 shares authorized, 400,000 shares issued) | $48,000,000 | ||
| Excess over par | $6,400,000 | ||
| Paid in capital, common stock | $54,400,000 | ||
| From sale of treasury stock | $4,500,000 | ||
| Total paid-in capital | $58,900,000 | ||
| Retained earnings | $63,680,000 | ||
| Total | $122,580,000 | ||
| Less: Treasury stock (40,000 shares at cost) | ($5,200,000) | ||
| Total stockholders’ equity | $117,380,000 | ||
Table (1)
The Proforma of the reporting the stockholders’...
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