Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,200,000 shares issued; Additional Paid-in Capital, $16.80 million; Retained Earnings, $9.80 million; and Treasury Stock, 48,000 shares, $1.056 million.   Prepare the stockholders’ equity section of the balance sheet. (Amounts to be deducted should be indicated by a minus sign. Enter your answer in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,200,000 shares issued; Additional Paid-in Capital, $16.80 million; Retained Earnings, $9.80 million; and Treasury Stock, 48,000 shares, $1.056 million.

 

Prepare the stockholders’ equity section of the balance sheet(Amounts to be deducted should be indicated by a minus sign. Enter your answer in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.)

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