FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:
 
1
Common stock, $47 par
$3,073,800.00
2
Paid-In Capital from Sale of Treasury Stock
119,000.00
3
Paid-In Capital in Excess of Par-Common Stock
261,600.00
4
Retained Earnings
19,185,100.00
5
Treasury Stock
326,800.00
 
Prepare the Stockholders’ Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 8,600 shares have been reacquired. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtractive or negative numbers use a minus sign.
 
Accounts and Amount Descriptions
 
Common stock dividends  
Common stock, $47 par; 80,000 shares authorized, 65,400 issued  
Excess over par  
From sale of treasury stock  
Increase in retained earnings  
Preferred stock dividends  
Paid-in capital, common stock  
Retained earnings  
Total  
Total paid-in capital  
Total stockholders’ equity  
Treasury stock; 8,600 shares at cost
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