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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Tinman Corporation reports the following balances at the end of the current year: Common Stock, $5 par, $50,000; Retained Earnings, $120,000; Additional Paid-in Capital on Common Stock, $200,000; Income Taxes Payable, $9,800; and Accumulated Oilier Comprehensive Income, $24,500. Prepare the shareholders’ equity section of Tinman’s year-end balance sheet.

To determine

Prepare the shareholders’ equity section of T’s year-end balance sheet.

Explanation

Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’ equity are categorized or classified further into sections, and sub-sections in a classified balance sheet. Assets are further classified as current assets, long-term investments, property, plant, and equipment (PPE), and intangible assets. Liabilities are classified into two sections current and long-term. Stockholders’ equity comprises of common stock and retained earnings. Thus, the classified balance sheet includes all the elements under different sections.

Stockholders’ Equity: Stockholders’ equity is the owners’ claim on the assets of the organization. Examples: Subscribed capital, Retained earnings, and Treasury shares. The amount of stockholders’ equity is increased by issuance of stock and net income of the company and decreased by the payment of dividends and repurchase of treasury stock...

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