The 2009 December 31, trial balance of Yamey Corporation had the following account:Common stock (no-par value; 200,000 shares authorized, issued, and outstanding; stated value of $20 per share) $4,000Notes payable (12% due 2010 May 1)5,000Retained earnings, unappropriated2,5000,00Dividends payable in cash (declared December 15, on preferred stock)12,000Appropriation per loan agreement480,000Preferred stock (6%, par value $200; 2,000 shares authorized, issued, and outstanding)400,000Paid-In capital in excess of stated value – Common300,000Paid-In Capital in Excess of Par Value – Preferred40,000Present in proper form the stockholders’ equity section of the balance sheet.

Answered: The 2009 December 31, trial balance of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The 2009 December 31, trial balance of Yamey Corporation had the following account:

Common stock (no-par value; 200,000 shares authorized, issued, and outstanding; stated value of $20 per share) $4,000

Notes payable (12% due 2010 May 1)	5,000
Retained earnings, unappropriated	2,5000,00
Dividends payable in cash (declared December 15, on preferred stock)	12,000
Appropriation per loan agreement	480,000
Preferred stock (6%, par value $200; 2,000 shares authorized, issued, and outstanding)	400,000
Paid-In capital in excess of stated value – Common	300,000
Paid-In Capital in Excess of Par Value – Preferred	40,000

Present in proper form the stockholders’ equity section of the balance sheet.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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Stockholders' equity represents the equity capital of the company held by the shareholders of the company.

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